<PAGE>
PANORAMA PREMIER
SUPPLEMENTAL DATED MAY 15, 1997
TO THE PROSPECTUS DATED MAY 1, 1997
The following replaces the Examples section on page 8 of the C.M. MultiAccount A
Prospectus:
EXAMPLES (SEE NOTE 6)
A Contract Owner would pay the following expenses on a $1,000 investment,
assuming the entire Contract Value is allocated to the Separate Account,
assuming a 5% annual return on assets, assuming that the same Portfolio and Fund
expenses as shown above remain the same for the periods shown in the examples,
and assuming the Contract is fully surrendered at the end of each time period.
<TABLE>
<CAPTION>
PANORAMA PANORAMA
LIFESPAN PANORAMA PANORAMA LIFESPAN PANORAMA
OPPENHEIMER OPPENHEIMER DIVERSIFIED TOTAL LIFESPAN CAPITAL PANORAMA INTERNATIONAL
MONEY BOND INCOME RETURN BALANCED APPRECIATION GROWTH EQUITY
FUND FUND PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
---- ---- --------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1.......... $ 85 $ 88 $ 91 $ 86 $ 92 $ 93 $ 86 $ 92
3.......... $112 $121 $129 $114 $132 $136 $115 $133
5.......... $137 $153 $167 $141 $172 $179 $142 $174
10.......... $232 $262 $292 $238 $302 $315 $241 $306
</TABLE>
A Contract Owner would pay the following expenses assuming either 1) the
Contract is not surrendered at the end of each time period, or 2) the Contract
is annuitized at the end of each time period.
<TABLE>
<CAPTION>
PANORAMA PANORAMA
LIFESPAN PANORAMA PANORAMA LIFESPAN PANORAMA
OPPENHEIMER OPPENHEIMER DIVERSIFIED TOTAL LIFESPAN CAPITAL PANORAMA INTERNATIONAL
MONEY BOND INCOME RETURN BALANCED APPRECIATION GROWTH EQUITY
FUND FUND PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
---- ---- --------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1.......... $ 20 $ 23 $ 26 $ 21 $ 27 $ 29 $ 21 $ 28
3.......... $ 63 $ 72 $ 80 $ 64 $ 84 $ 88 $ 65 $ 85
5.......... $107 $123 $137 $111 $142 $149 $112 $144
10.......... $232 $262 $292 $238 $302 $315 $241 $306
</TABLE>
