Summary of Can:elation o12 Policies

Summary of Can:elation o12 Policies Policy I: Cedanirood 7702(g): 5500.006368 Intial Investment: Subsequent annual Femme. to land Cost of Insurance Policy 2: KIngswood 77021x1:3500062.000 Total Investment: Single Pay Premium CombMed Friction Cost at Average LE (Year 45): 12 9 111 Ceciantrood 8 KIngswood Policies No Policy (Direct Investment) Policy Year 0142 Value (NO 1.10•919) Cab Value AeSlolin9 Mortalibr Cash Value %YOU' After Tax Payout Vabie' Taxable Equivalent Amount (45% Tax MOO Tax Equivalent Payout NAAR (No Mortality) NAAR Assuming Morlitlite NAAR Peyoul 1 1.043.162518 1145.635424 1.171.112 1.046.801735 1.047.966.709 1.172.408 3.930.140.356 3.925.738.598 4.391827 2 1.117.251280 1.114,672525 1324.460 1,117221,626 1094.394.437 1.919.323 3.930.140355 3.921066.972 4.666070 3 1.192.546.962 1.189286706 1.503.195 1.192453.153 m42484.966 1.440.587 3.931140.355 3.911106.830 4.951175 4 1273.027367 1206.775.664 1.703.013 1.272.827.160 '193'530.445 1.597.415 3.930.140.355 3.911839.680 5.261079 5 1.359.072.412 1350.471053 1224.421 1.358.713236 1.246.415.692 1.764.915 3.930.140.355 3.905206.755 5.565.005 6 1.459.950212 1.441.913311 2206.173 1.452.754223 1,301,515.906 1.975.689 2.573.174.134 2.5519713.665 3.906054 7 1556.303.872 1.541.540.689 2543.542 1.555370.928 1.358901551 2.226929 1.146.690.626 1.131402.893 1.874075 5 1.666.513.149 1.647.1119208 2949.596 1.661207.574 1.418.839.516 2.511.127 1.11.5502.02, 1.152379.311 2.062,759 9 1.784.681250 1.761.137.734 3.451.030 1.702.743.018 1481.422488 2.865269 1.181.496.035 1.166204.402 2.285.173 10 1.911.166532 1.881.881230 4%5.456 1.908493202 1,546,777.259 3.282226 1.194.1139.786 1.176870.678 2.534001 It 2.046.612.444 2.010.487212 4.754.002 1.043,024286 1.615.021390 3.752.110 1.202995.674 1.181.759.097 2.794261 II 2.191.639.664 2.147.368402 5572.422 2.181909.930 1.616.297.547 1227.540 1.218.542.050 1.191925.626 3.096237 II 2116.965319 2293.086.132 6.455.037 2.340222.107 i.nons.ses 4.142.643 1.230552.961 1.202299.967 3.3114.474 14 2513.361.1135 2.440.222208 7.418.113 1.506.476.479 1.838.447.200 5.426.106 1,238506.413 1.206.404.398 3.656.405 15 2291.595302 2.613.225215 8.584.447 2.681.584.029 1,919,009.081 6.122289 1.241.767.4W 1.2%207.509 3.960.421 16 2282.507302 2.7813.578357 9269.160 1.069.911389 2,004266.024 6.932.076 1231643.220 1.199242.597 4.287292 17 3,097.021429 2.974.690.474 11.690.565 3,071,302412 2.092.875.956 7.925670 1.215107.426 1.171.561.334 4.604236 IS 1306.131860 3.171.992531 13.782.306 3,286,629.767 2.105303.241 9.109431 1.112266,243 1.134466.568 4.930.995 19 3540.909.702 3280.904233 162131.151 3.516.848.059 2281.220.238 10.479.519 1.131693.148 1.088.186.071 5.234.175 20 3392517059 3201.7923320 19251.562 1762961139 2.382205142 12.094471 1.085.040.437 1.020406.065 1507.841 21 4962.259.4138 3.835.%1573 22.780.280 4.026109.118 2487441.516 13.961.119 1.017546.956 960.627.306 5.706.126 22 4.351.165.950 4.090.761568 26.871.861 4.307.095.110 2.597.741.635 16,042499 1.000210.455 938,605.597 6.101718 23 4.660.721289 4.339.540,152 31,331.480 4.607.156.541 2,712,514.355 18.234.459 976.935.752 909.600.057 6,567212 24 4.992.520364 4.611.962519 36249.947 4.927.593.976 2.832258.048 20.564.938 945054.671 073.000.600 6.861.785 25 5248.246219 4.898.291.669 41529.377 5.269.750.748 2.967.497.430 23.185.751 904.181.324 8210)4.294 7.088.487 26 5.729.699276 5.198.509.454 48.710.034 5.635.1321.745 3608.159.599 26.252.691 853211.263 774.032.032 7.253242 27 6.138.213,013 5.511.791.621 56426.572 6,024,139.075 3 224,624.076 29.851463 851601.263 764,066.183 7,883.708 20 6.575.772283 5,837.602698 64373.543 6,439,074.732 3 367149.790 33,916242 845,616.637 750,660.285 8.535.007 29 7.044.441569 6.175.518232 77255.738 6.880.711.174 3516.003.021 38.557310 834622.466 731.855.884 9.153390 30 7546,561.435 8.521083.626 139.523273 7,350808515 3.671259282 43.551506 618.109.134 707.371719 1701141 31 1064.657291 6.885.719.488 103216.935 7.851.014.084 3,833,803.253 48.940.961 796383.945 677.3613.115 10.153718 32 8.660.812349 7.256.366.315 111351.335 8.382.415208 4,003,375.336 54,699.023 807.969.859 676863.779 11.039.648 33 9277.737.096 7.635.831.900 131306.941 8.946806.965 4,180,498.165 60.957.319 818.417.391 673,471.154 11.923.909 34 9938.350.0138 8.012.7%251 154236.508 9.545.599.728 4365.508.148 67.733.753 026388.791 661961.381 12.822332 46 10.645.749.127 8.414.816030 175.743.433 10.180.461.297 4558.7513.738 75.234.801 031500.456 657.076.288 13.723.038 35 11.403.205.706 8.208.871.400 200.710.136 10.852915.193 4.760.122.521 03.760.757 033311.967 643.517.528 14.662547 37 12.215.625375 9.201%5.132 230.440.426 11.565.477.278 4.971.393.570 93.737.112 772.169.268 581.365.540 14.560300 38 13.097.4.24.898 9.586.731.118 264.737.586 12,319,925.654 5.191.437.601 104,960213 696.726.845 511.551.922 14.126506 39 14%3.578.928 9.962.315.757 302.4013.096 13.1111176.708 5.421.115.951 111810.021 611561.865 434.154.127 19.178.749 40 15.029.707.096 10323.452.741 343.977.445 13.962.149.019 5.660.793.428 129.428.057 501046.088 949.345.154 11.640.181 41 18.112022.514 10.004.870.793 390067.849 14.851737.356 5.910.833.904 142.921.358 389319.093 257.421.654 9.415.197 42 17270.861203 10.971033.022 441.181.647 15.790391.362 6.172.049.002 157.415447 416422.710 264532.756 10.632.894 43 18.511.910.241 11247.697.289 498.497.944 16.772355.339 6.444.966.110 173,212.783 446.165.974 270619.140 11.993440 44 19.830.641.7135 11.469.828.952 561011.619 17.799.624.095 6,730,142.963 190.178.070 477.4131.226 275428.428 13.496.993 45 21250.5134.563 11232.882.938 630501.256 18.071.692.158 7.028.166.852 107.7155.989 510215.079 271721.221 15.106/690 46 22.776.858.413 11.723.760283 706003.463 19.987.140.572 '.339.660.682 226577269 546328.372 280.175.706 16.873582 47 24.399.602.442 11.729.927.081 7/6443.509 21.143.739.611 7.665.317.060 245,854.326 504.101.654 279.490.979 19.748248 46 26.133.435.402 11.646.388.739 1165.4/0.9111 22.331819.938 1005.802.170 263,345.169 624247.392 276,549.976 20.550,429 49 27.965.233272 11.460.217325 941311.278 23,573,502.095 1361.861.517 278,880.656 666275.109 271241.507 22.263503 50 29.961.968.183 11.189,183286 1,015.026,771 24.042.127.457 8,734292.648 292.741.938 712.061.617 263423.035 23.896.411 51 32.071%7.445 10.809.819.617 1080.711716 26.144.204.943 9,123,932.787 303,323.572 7519013.089 253113.609 25.305233 52 34,319,787.307 10.326.92.804 1.140.348.905 27.476355.989 9.531.701.805 311.353.030 910.602.346 240265.347 26.531201 53 36215.400.312 9.731422.803 1.191.398.646 28.831844,310 9.968.599.322 316,306221 864039.189 224.806.377 27.512399 54 392135.952.1355 9.057514075 1,222356.012 30.215.490.940 11406249.816 315383.111 920339.564 207.341.447 27.981.765 55 41.980.191.835 8308.211.873 1,228,114.957 31,623,254.677 10 873.911965 307.691.667 979577.296 108201.946 27.826510 56 44.869.258.1359 7526572258 1198106.727 33.0611172.271 11.364289060 291.196.479 1.041.915.093 168463.728 26.827849 57 47.984.123.183 6.747.544.521 1.149.789.402 34.562802.712 i i 275.445.940 270115.113 887512.291 119.192.958 20.310.480 08 51.347.120.934 5.962.716.917 1.099.107.609 36.100.912.317 12.407.564.068 241015.514 709.712.994 77.859.154 14.361.778 59 54.987.821.424 5.174.520380 1.031224.002 37,678,021.189 12 960.994.92Q 221491.704 506298.342 44.374.900 0.912233 60 58.939.197.689 4.391.990.744 966.710.925 39.291.356.505 13 535.705.429 202.026503 270358.492 18,555.923 4.081076 61 63244.384.937 3.438.328504 072.471.175 40.915.737.533 14131276.467 174.813.900 62 67.864.140.870 2.937.493.433 761.750.797 42.648.179.257 '4.753.052.632 146223415 63 72,821,449.924 2.325.176599 640.504.772 41.4211537.371 15.402.186,948 117.492026 64 78.140.976.641 1.814.696561 524211.996 44.289.701.002 16.079.883.174 91.473207 65 83.849.186.225 - 1.814.096.561 48.246%1.198 - 366003.623 Table 25,411,516.954 48,213001,194 7269,421,009 654,353,925 NAM Ne Amon At Rig Assumes 85 Annual Return on Cash Value Based on pool of 35 year.olds milascd on 2001 C50 MP Ultimate Mortality Table 500% mortality of rcolainir8 pod at age 100 I5 Sum el: Cash Value Asaunna Malalny • Cash Value Payout ol current yea' • Cash Val.» Payoul of pox years grown al 4.4% (8.0% rehon *WI 45% tax tale) EFTA00296134 Cedarwood Overview Upfront Costs: 65.750.000 Male: 425 tibial Premium: $494.256.368 Female 425 Annual Investment Return on Cash Value NON Investment: $500.006.368 Total Lives: 850 8% Policy Initial Upfront Year Investment Coals Issue Fee DAC Tax Net Premium Investment r Premium M Artmin 0B Opllon NAAR Cash Value Net Cash Surrender Value I 500.006.368 5.750.000 255.000 3.483.911 490.517.457 (500.737.530) 3.303.539 85.000 255.183.230 529,547,511 94.542.330 2 (300.825) 3.507.605 85.000 255.183.230 567.977.315 94.848.154 3 - (322.984) 3.724.621 85.000 255.183.230 609.2[6.209 95.169.118 4 (343.430) 3.955.760 85.000 255.183.230 653.438.353 95.512.548 5 (363.896) 4201.577 85.000 255.183.230 7[0.860.458 95.876.443 8 (237.056) 4.470.088 85.000 167.075.684 751.877.837 96.113.498 7 (120.615) 4.769.866 85,000 74.453.744 808.643.990 96.234.133 8 (133.1311 5.097.561 85.000 75.875.B14 865.404.912 96.367.264 9 (147.923) 5.447.498 85.000 76.714.354 928.452.013 96.515.187 10 (184.5271 5.821.648 85.000 77.537.206 998.097.290 96.679.714 II (161.927) 6,221.578 85.000 78.110,269 1.068.678.100 96.861.641 12 (202.146) 6,649.704 85.000 79.119,692 1.148.548.003 97.0E:3.788 13 (221.212) 7,104.939 85.000 79.695558 1230.100.561 97.224.999 14 (239.169) 7.592.934 85.000 80.415875 1,319,749.217 97.524.168 IS (259.580) 8,114.662 85.000 80.627.711 1.415.938.490 97.723.707 16 (281.713) 8,672.220 85.000 80.489,787 1.519.145.696 98.065.460 17 (303.535) 9268.323 85.000 78.942,134 1.629.884.131 98.369.996 18 (326.489) 9.905.744 85.000 76.803.269 1.748.700.425 98.695.485 19 (348.321) 10.587.567 85.000 74.030849 1.878.194.972 99.043.808 20 (368.7871 11,317.308 85.003 70.451.459 2.012.992.582 99.412.592 21 (384.6171 12,098.174 85.003 68.089.121 2.159.779.527 99.797.209 22 (419.628) 12,933.802 85.003 64.982.423 2.317.276.155 00.216.837 23 (449.192) 13827.092 85.003 63.432.244 2,486,268.502 00.666.029 24 (473.0471 10.763.224 85.003 61.362211 2.687.598.989 01.139.078 25 (493.096) 158[6.761 85.003 58.701.313 2.862.171.465 01.632.172 26 (509.849) 16,903.377 85.003 55.398237 3.070.955.296 02.142.022 27 (560.780) 18,078.587 85.003 55.294,300 3294.973.407 02.702.802 28 (615.194) 19,330.523 85.003 54.605.720 3.535.337.411 03.317.998 29 (869.188) 28670.738 85.003 54.195.766 3.793.242.467 00.967.184 30 (720.429) 22.103.330 85.003 53.123.559 4069.972.725 04.707.613 31 (766.056) 23.635.953 85.003 51.644.121 0.366.903.718 06.473.669 32 (847.452) 25274.216 85.003 52.481.257 4.685.504.762 03.321.121 33 (933.254) 27,024.102 85.003 53.139,676 5.027.348.532 507.254.375 34 (1.023.048) 28,892.888 85.003 53.657,259 5.394.135.883 508.277.421 35 (1.118.996) 30.889.208 85.003 53.989,159 5,767,687.860 509.396.417 36 (1,224.520) 33821.510 85.003 54.107.429 6209.958.876 510.620.936 37 (1.248.715) 35302.498 85.003 50.138.732 6,663.OB1.288 511.869852 38 (1.247.810) 37,748.700 85.003 45.368.195 7.149.328.708 513.117.481 39 (1.202.199) 40,375.534 85.003 19.708590 7.671.141.508 514.319.660 40 (1.099.976) 43201.315 85.003 33.052213 8231.145.746 515.419.636 41 (924.871) 46248.271 85.003 25.276080 8,932,187.362 516.344.508 42 (1.090.428) 49.516.015 85.003 27.084215 9.477.041.621 517.434.935 43 (1.290.183) 53803.413 85.003 28.989.481 10.168.959.106 518.725.119 44 (1.530.9811 56,730.418 85.003 31.001.482 18911.340.606 520.256.100 as (1.817.6231 60.703.508 85.003 33.187.121 11,707,855.186 522.073.723 Avenge LE x Approximately Policy Year 45 (531.275.552) IRR: 7.22% kietIon Cost: 78 bps EFTA00296135 Ccdamood Payout Summary Uptront Coma. $5.750.000 Mals: 425 maal Premium.: 3494.256.366 Fernalo 425 Annual Investment Rotor,' on Cast Vak» maal investrnont: 4540.066.368 Total LIVGS:"' 850 8% CeOarsood POKT Ho Policy praal Inyntinonll Policy Teat Cash Value 090 Norlallty) Cash Value AssumIng Monalltr cash yahaa Payoul Alter Tas Payou. Valuel° Taxatie Equiválorg Amounl (45% Tas Re140 Tas faun...wn. Payout map 040 55:01441471 NAAR Assuirang liOttalky°' Annual NAAR PaY0441 I 529517.511 528.951.418 592.429 529.546.847 522.305.192 584.327 256.183.230 254.897.425 285.445 2 567.977.315 566.646052 674.333 567.958.881 545.603.814 647.770 255,183.230 254.594300 302.967 9 609206.249 607.030.955 767.891 609.148.562 589.947.555 716.409 255.183.230 254272.046 321.651 4 653438,353 650,229417 874.559 653.314.757 595.393.788 196,859 256.183.230 253.930.064 341.536 5 700.893.458 696.457288 992.452 700.671.216 621.900.582 880.685 255.183.230 253,568.235 361.335 6 751.877.837 745,976.382 1.141.344 751.516.669 669.574.333 986,01.3 167.075.684 165.764.314 253.619 7 826.643.990 796.992.315 1.316.337 806.094.712 678.281.547 1.106.518 74.453.744 73.747.490 121.683 8 465404.912 855,641.703 1.531.634 864.608.240 7%264.923 1.253,520 75.675.814 74.823.814 133.935 9 928.452.013 916.200490 1.795.752 927336.027 739.583.012 1.430.452 76.714.354 75.702.026 148.376 ICI 996.097.290 980,435446 2.113.700 994.574.664 772296.430 1.638,795 77.537.206 76349.178 164.532 II 1.029676340 1,049,814.009 2.482.810 1.066440.980 806.467.405 1.873,627 72.110.269 76.731.623 181.470 12 1.146548.003 1.123.389.846 2.915.197 1,113,872.400 842.163.010 2.141.264 79.119.692 77.521.620 201.169 I] 1330.100.561 1.201.863.936 3.383.246 1.226.630.538 879,449.129 2.418,809 79.899.558 78.065.458 219.754 14 1.319.749.217 1.285.518.884 3.895.213 1.315300.880 918394.583 2.710.606 80.415.975 78332.051 237.346 IS 1.415939.490 1,374,716.469 4.515.944 1.410.293.496 559474.946 3.058,816 80.627.711 78280.406 257.151 16 1.519.145.696 1.469.648.183 5253.992 1.512444.591 1401568.351 3.443.911 80.409.727 77.867.231 278.375 17 1.629.884.131 1,570,584.029 6.172.395 1.621.018.274 1.045.954.250 3.951.003 711.912.121 76.069.981 298.966 18 1.748.703.425 1.677.761.466 7289.674 1.737.704.692 1.092317.092 4.553.521 76003.269 73.687.490 320.172 19 1.876.194.972 1.791.426.159 8.616.760 1.852.623.647 1.110.742.691 5.238450 74.000.049 70.656.635 339.858 20 2.012.992.582 1.911.774.869 10.218,437 1.996323.481 1.191320.382 6.047.329 73451.459 66.909.004 357.629 21 2.159.779.527 2.039.004.118 12.111.684 2.139384.555 1.244.140.019 6.976.789 66469.121 62374.519 370.505 22 2317276.155 2.173,297201 14.311.162 2.292.405.539 1.299320.272 8.024,216 64.982.423 60.944.851 401.322 29 2.486268.502 2.314.966351 16.714.067 2.456.029.514 1.356.959.320 9.121.949 63.132.244 59.061.807 426.426 24 2.647599.989 2,464,295.827 19.369,365 2.633935.133 1.417.159.391 10.289,594 61262.211 56.685.672 445.549 25 2.862.171.465 2.621.426.425 22.439.410 2.817.837.271 1.480.029.197 11.602.914 58.708.313 53.770.197 460.273 26 3,070,955.295 2.786322.182 26.107.839 3,017,482.944 1.545.682.764 13.139,973 55.399.837 50264.167 470.975 27 3,294,973.407 2.958,795248 30.505,179 3,233632.262 1.614278.260 14.944,134 55394.300 49.652.757 511.920 26 3.535337.411 3.138.600.900 35.685.892 3.458.084.636 1.635.948.766 17.016.581 54205.720 48.744.185 554.221 29 3,793242.467 3.326525.095 41.602.319 3,70).668.434 1.763829.144 19.309,663 f4.195)66 47.513.277 594.391 30 4.069.972.725 3.519.307.666 48.284.901 3.959242.213 1.339.057.754 21.814.732 53.123.559 45.935.971 630.242 31 4366906.716 3.719,643219 55.757.452 4,234,692.338 1.920.776.058 24.519,540 51.644.121 43.989.422 659.401 32 4.685504.762 3.926.168.471 64.035.808 4.527.915.559 2006.174.915 27.410.822 52.461.257 43.959.348 716.977 33 5,027349.532 4,138,287.521 73.330,455 4,839,841.936 2095.420.960 30.554,107 53.139.678 43.742.196 775.112 34 5.394.135.683 4.355.267261 83.730.013 5.171.420.063 2.183.687.542 33.956.938 53;657.259 43323.289 832.690 35 5,787697.860 4,575,970.137 95.569,136 6523602.820 2246.158.025 37.729,271 53.989.159 42.685.920 891.495 36 6209956.876 4,798,662.956 109.337.535 5.897329.012 2.388.027.376 42.016340 64.107.429 41.810.806 952.659 37 6.663481.288 5.020.784.476 125.745.547 6.293.537.386 2.494304.240 47.032.738 50.136.732 37.779.177 946.179 38 7349228.704 5,239,660.733 144.693,231 6713.108.002 2606460.740 52.672.050 45.369.195 33249.828 918394 39 7.671.141.508 5.453.071.150 165.527.975 7.156276.074 2.721.356.106 58.637.982 39.708.590 28227.059 856.632 40 8,231,145.746 5.658.329.153 189.535,527 7.625.639309 2.842244.152 64.984,908 33.052.313 22.721.122 757.068 41 8.632.167.362 5.852.19300 214.043.961 6.120.108.602 2.9%268.460 71.771.423 25279.060 16.749.902 612.628 42 9,477041.621 6,030,678.845 242.403,136 8,640,785.820 3.100.010.679 79.054,636 27.064.215 17222.209 692.247 43 10.163.959.146 6.186.903,554 274.292.206 9.188.147.441 3,237,758.100 87.016.919 28269.461 17.631.028 761.407 44 10.911.340.646 6.321.571.575 309.757.007 9.712.539.201 3381.817.601 95.932.247 31.001.462 17.960.913 880.066 45 11,707,855.186 6.423,635268 348.161.032 10364.166.501 3572.515.383 104.429386 33.167.121 18.197.482 986.304 46 12.562.431.970 6.488.030.202 390.741.619 139)2.686.427 3,650208.548 113.917641 35.472.992 18,320.485 1.103.351 47 13,479284.082 6.507.853.739 436.546,829 11.647261.666 3,855,280.681 123.667225 37.925.604 18310.637 1228,278 44 14.462.936.597 6.480.260527 481.548.160 12327350.564 4.028.124.190 132.502280 40532.259 18.160.676 1349.535 49 15,518,238.771 6.402.512.925 525.518,261 13.032393.185 4201065.706 140.382806 43200.068 17.864.736 1.466,338 50 16.650381.713 6.270.963.780 568.670.479 13.761.429.251 4.398.876.220 147.434.507 48235.317 17.413.415 1.579.658 SI 17.864.936.485 6,085,238.136 609.431.668 14514315.754 4.597.760.125 152.851.743 49.344.447 16.809.5% 1.680,539 52 19367.860.736 5,944,792.739 645.411238 15289.534.611 4806377.545 157.000218 52.632.249 16.048.979 1.772.208 59 20.565.531.901 5.545.561.128 678.443.918 16284315.591 2025360.795 159.616311 56.101.892 15.128.051 1.850.766 54 22.864.804.495 5394,398.656 701.010,071 16297.868.387 5,255348.794 159.283.493 59.757.464 14.067.838 1.898,525 55 23.673439.133 4.802.611.002 710.090.138 17.731.124.139 5.497.001.699 155.544.849 63603.759 12.903.461 1.907,241 56 26398.191.012 4.393,645039 699.687.972 18.590.700.099 5,750,889.565 147.358.456 67.651.339 11.703.037 1.863,709 57 27.250.004.157 3.979.910393 678.176.731 19.479812.607 6,014,953.511 136.814218 57.625.996 8.416.377 1.434351 58 29237.933.544 3,555,437.746 655.373,240 20292.709.497 6,2%209.972 126.222266 46.081.517 5.603.678 1.032.926 59 31.372232.040 3.119.675235 626.539.976 21324326.919 6,573,433.227 114071.414 32008.921 3262.540 655.232 60 33,664,031.164 2,676,312.876 589.467.675 22,270,436.909 6,467,091.039 102.494.425 17154.323 1395.580 306.420 61 36325.441.941 2,238,926.966 536.894.686 23232.087.143 7.169.243.045 89.713922 62 38.766.831.938 1.825.389498 473354.922 24215,584.045 7.484.689.739 74.183.962 63 41.601361.216 1,450,619.445 402.349535 25239.352.549 7.814.016.028 59.607.417 64 44.643.152.456 1.155.028.928 333.653.206 20312.635.496 8,157,832.795 16.407248 65 47.907360.546 1355.028.925 27.419.5703115 211.063.310 704414 14.724,738014 27419.570,185 3,565.06340 43312.224 NAAR a Net Amoum At Rut r1Based on pool of 35.yeit.Oidi IbeiSed on 2001 050 8174 UlleMIC Monalty Tabla 100% mcetalny otremsuyrg pool m p 100 ° 'Sum ot Cash Vabe ~omlag MoNaIN • CMh VtIUe PayOul «Corte« yaat • Caah VYue PaTOul 44 prb, yenis (paan a14 454 (8.0% Nlwn wilt 455514x Nte) EFTA00296136 Kingwood Program Overview Upfront Costs: 35.750,000 Msle: 6.125 Annual Investment Return Premium: 5494.312.000 Female 6.125 on Cash Value Total Investment: 5500.062000 Total Lives: 12.250 8% Policy DAC Tax Net Premium IM COI Admin Fee mvestmenl Cash Value DB OBt NAAR 1RR to Year Investment Upfront Costs Issue Fee EarnInas Investor 1 500.062.000 5.750.000 3.675.000 3.460.184 087.176.816 3.281.040 0.118.205 1.225,000 38.707.979 517.260.538 8 3.670.957.125 3.44% 2 - 3.083.716 0.375.055 1.225,030 41.098.199 549.274.565 8 3.670.957.125 4.81% 3 3.699255 4.651.080 1.225.000 43.601.083 583.340.713 8 3.670.957.125 527% 4 - 3.928.820 4.945.815 1.2254230 46.347.936 619.589.014 8 3.670.957.125 5.50% 5 - 0.172.963 5.240.550 1.2254230 49.228.463 693.178.954 6 3.670.957.125 5.65% 6 - 0.039.645 3.413.891 1.225030 52.372.548 701.472.975 6 2.406.098.050 5.80% 7 - 0.737.381 1.737295 1.225030 55.886.583 749.659.681 A 1.072.226.881 5.95% 8 - 5.062.860 1.917248 1.225.000 59.723.466 801.176.236 A 1.089.826,211 6.07% 9 - 5.010.396 2.130275 1.225.000 63.825.073 856.237.638 A 1.100.7/2.481 6.16% 10 - 5.782.000 2.369.395 1.2254:00 68.208.000 915.069.243 A 1.116.632.580 623% 11 - 6.179206 2.619.969 1.225.000 72.891.236 977.936.304 A 1.120.885.405 629% 12 - 6.6[0.420 2.911.151 1.225.000 77.894.933 1.045.091.661 A 1.139.022.358 6,34% 13 - 7.056.551 3.165.735 1.225,000 83,241.384 1.116.865.759 A 1.150.653.403 6.38% 14 - 7.501.223 3.440.333 1.225.000 88.956.704 1.193.611.948 A 1.156.090.439 6.41% 15 - 8.059.398 3.738271 1.225.000 95.067.534 1,275.656.613 A 1.161.139.709 6.44% 16 - 8.613.159 0.057.016 1.226030 101.599.969 1.363.361.606 A 1.159.153.433 6.47% 17 - 9.205201 0.371290 1.225.000 108.580.184 1.057.140.299 A 1.136.665.293 6.49% 18 - 9.638281 0.701.856 1 225 COO 116 052 274 1.557.431.035 A 1.106.062,974 6.51% 19 - 10.515.461 5.016253 1.225.000 124.040.009 1.664.714.730 A 1.065.693.099 6.53% 20 - 11240.233 5.310.988 1.225.000 132.585.976 1.779.520.086 A 1.010.563.978 6.55% 21 - 12.015.780 5.538,960 1.225.000 141.735.195 1.902.479.941 A 951.077.635 6.57% 22 - 12.845.716 6.043.170 1.225.000 151.523.701 2.033.889.795 A 935.1328031 6.58% 23 - 13.732.920 6.468.919 1.225.000 161.989.835 2.174.452.768 A 913.503.509 6.60% 24 - 10.682.540 6.1312470 1.225.000 173.186.601 2.324.921.375 A 883.692460 6.61% 25 - 15.699.110 7.101203 1.225,000 185.179.391 2.466.075.454 A 845.073011 6.63% 26 - 16.788.258 7.302.466 1.225.1:00 198.020.251 2.658.743.981 A 797.812.026 6.64% 27 - 17953.476 8.075.935 1.225.030 211.770.038 2843.259.806 A 796.306.963 6.65% 28 - 19.198.870 8.859.568 1.225.030 226456.706 3.040.430.871 A 790.710918 6.66% 29 - 20.529.959 9.637.136 1.225.030 242.157.326 3251.200.103 A 780.066.700 6.67% 30 - 21.952.796 10.376076 1.225,030 258.941.080 3.076.586.710 A 765.045.575 6.68% 31 - 23.074.981 11.032.166 1.225.030 276.890.713 3.717.751.275 A 743.739.624 6.69% 32 - 25.102,088 12.200.369 1.225.000 296.087.768 3.975.307.586 A 755.507.603 6.69% 33 - 26.840,056 13.000026 1.225.030 316.586.060 4250.388.564 A 765.277.713 6.70% 34 - 28,696.115 10.733.136 1.225.030 338.479.873 4.544.210.186 A 772.731.531 6.71% 35 - 30.678.839 16.110.936 1.225,000 361.865.1358 4.858.061.268 A 777.511298 6.71% 36 - 32.796.619 17.630.610 1.225.030 386.843.791 5.193.246.830 A 779.210.538 6.72% 37 - 35.062.073 17.983.061 1.225.030 013.565.390 5.552.540.086 A 722.031.538 6.72% 38 - 37.091.615 17.970.015 1.225.030 442.222.734 5.938.080.190 A 653.356650 6.73% 39 - 40.100.559 17.313.170 1.225.030 072.995.959 6.352.437.020 A 571.853275 6.73% 40 - 02.907.095 15.601026 1.225.030 506.097.051 6.798.561.350 A 475.990.575 6.74% 41 - 45.931.310 13.319.303 1.225.030 541.769.019 7,279.855.153 A 360.050.033 6.75% 42 - 09.178.789 15.703.520 1.2254230 580.071.739 7.793.819.583 A 389.758.095 6.76% 43 - 52.645.416 16.580249 1.228600 620.962.178 8.342.331.095 A 417.196.013 6.76% 44 - 56.344.059 22.008.040 1.225.000 684.587.123 8.927.301.119 A 446.059.764 6.77% 45 - 60287 150 26 176 045 1,225000 711 096 453 9 550 709 376 A 477 607 958 6.77% Average LE • Approximately Policy Year 45 70141 Friction Cost: 1.23% EFTA00296137 Kingwood Payout Summary Single Pay Premium Upfront Costs: 65.750.000 Male: 6.125 inennurn: $494.312.000 Fomale 6.125 Annual Investmaol Ralum on Cash Vakia lout Myestment $500,462.000 Total Lbws:" 12250 6% KM wood Polley Ho P Meet Invetimm Policy Year Cash Vail o Modal Cult Value Assuming Maud Cash Vag§ P ARM Tea Payoa Vagaca Taxable Equlyalan4 Anmemt 45% Tax Rail) Tax Equivalent P 4 NAAR No Mo NAAR ~min Maud Annual NAAR 1 517260238 5162412% 578683 517.259289 522.064.728 584.058 3.674.957.125 3271841.173 4311342 2 50274365 563~73 652.128 549.262.746 545.036.576 617.095 3.674.957.125 3266472872 4363,103 3 523340.713 581257.751 735.291 583.344590 569.017.141 717.236 3.674.957.125 3.681234.784 4232221 4 619.569.014 616.546.247 829.255 619.512402 594.063.8% 795.079 3.674.957.125 3.656.909.616 4.918.513 S 658.178.964 664.013.326 931.969 668.042240 620.192,267 878.181 3.674.957.125 3.651.694.520 5203.670 4 701.472275 695968529 1.064.829 701.237/654 647.480.727 982,870 2.406.098.450 2287212251 1652.436 7 749.659.881 74254837/ 1225205 749,276216 675.969.879 1.104.770 1.072226,881 1.062035403 1.752391 $ 801.178238 792.157505 1.417.962 840.599334 705.712523 1249.002 1.089.826211 1477.556.497 1926224 9 266.237638 814937.645 1.656.078 855.4136991 736.763.926 1425.000 1.104.782.481 1.090.202377 2.136,797 10 91506:9243 901.016.824 1.941,756 913.918.638 769.181.518 1.632.186 1.116.632.580 1.099.621.501 2369.469 11 97790830/ 960.873203 2271.992 976.383305 803.425.501 1.865.830 1.124.885.405 1.105203273 2213392 12 1015.091.661 1.023978.%6 2.657.225 1.013.037530 838,358,627 2.131.591 1.139422.358 1.116404.005 2597068 13 1.1113265.759 1%1222227 3.071.792 1.114.191.669 875248.4% 2.407250 1.150.853.403 1.124234.509 3.1134.720 14 1.193.611518 1.113.673.124 3.522,900 1,19.175.99 913.757.248 2.696.919 1.158.090439 1.124072345 3.418.269 IS 1275.656.813 1238509.446 4.068.504 127129)533 963.962.567 3.042.511 1.161.139,709 1.127327.102 3.703270 14 136331311306 1318926.174 4,715.168 1267268.797 995.936.920 3.444.435 1.159.153.433 1.121375368 4%6917 IT 1.457.144239 1.401.114.445 5.518.170 1.4503845% 1.039.758.144 3.937.539 1.136,865293 1.095.491.353 4326281 0 1%7.431.435 1491231/065 6.492.434 1548925478 W31507540 4.525.134 1.106.062.974 1261.179279 4.810223 19 1.664.714.730 1.589.471474 7.645.391 1.654224.412 1.1%269.633 5.204.670 1.065.693.099 1.017.529.436 4%1.317 20 1.779.524.416 1.690.017.753 9.033.145 1.766.645.658 1.124.133,705 6.005,772 1.014.589.978 963.557.061 5.150212 21 1502.479211 1.796244.455 10.668,575 1188.724363 1235.191214 1926.609 951.477.835 898252.788 5231622 22 2033.889795 1507471367 12.560.699 2.014289.571 1289540.018 7.963,816 935,828.031 877.660716 6.779.396 23 2.174.152.74 2%1573800 14.817.423 2.151.127228 1348279.779 9.050.158 913303309 850.538251 8.140288 24 2324.921.375 2147656.692 16,890.582 2296.658.843 1.426.516069 10205.016 883.692.460 816314,98 6.416225 25 2486.075.454 2276.865224 19489.967 2.451.913.476 1.467358.797 11.503.582 841473.011 774.324,097 6%8214 24 2263.743281 2412.187272 22402.195 2817.599201 1231222234 13.022.996 797.812.426 723.827.865 8.722287 27 2843.269.6% 2552.996.323 26,321,393 2793,701813 1.599327.175 14,805.725 795.305.963 715.013.4% 7371.788 211 3210.434171 2291001.7% 30.07.650 2949909% 1.269297574 16262355 790.710.918 701.916.100 7560.788 29 3361200.103 2249.993533 35.653419 3180.012740 1.743.164267 19.115.916 780491700 684.172.607 8.556.999 30 3476.581710 3.026.751%2 41238.972 3391.566301 1.819.863.495 21.587.051 7'65.045.575 661.435.818 9.074.899 31 3.717.751275 3.168476269 47.459.03 3218221.793 1299507.489 24253.923 743.739.824 633.376.693 901.317 32 3975307386 3.3%197514 54.315.527 3154369.649 1.983.534.738 27.101484 755.507.603 632.904.432 10322.671 29 42603%384 307544378 61.97606 4.1%5%029 247/210287 30.195250 765277.713 629.7%958 11.158.797 34 4.514214.185 3.667.437.991 70.506495 4.374.179.646 2161.921919 33.543,714 772,731.531 623638,072 11.919.442 35 4%8061.268 3238.84%93 80.174296 4.65%68.477 2267260.659 37218.902 777.511239 614.390,368 12231.543 93 5.193248230 4410208.444 91272399 49662%181 2368361888 41.458.984 779211538 601.706.720 13.70924 37 saga/4%6 4.180270.665 104.694,879 5271539.891 2460.040.767 46.3818% 722,031.538 543.586.364 13.614.120 311 5.90848.190 4347470114 120.044255 5206117652 2.6242132.931 51.920.455 653,358.650 471342.091 13241312 39 6.352437420 4509241607 136,878.120 5.961298.634 2.681286.991 57,774.599 571.853275 406.927.068 12321516 40 6.798.561.360 4.935.123.588 155441518 6.336.5%510 27992E:3.621 64.002.203 475.991.575 321624.032 manna 41 7279256.163 4212277.745 176.023.09 8.733228.754 2922.431221 71%3.099 364.050.033 240.671.751 8/302%9 42 7.793111583 4%5,354.177 199778111 7.149.605.542 3.051018.191 77,815.101 389,758495 247.310.549 9.910.648 41 8342331296 5%3.793.736 224205.738 7.584237298 3.186222296 81806.077 417.196413 252.981113 11212.433 44 8527301.119 5.149257376 252264,611 8.037.055194 i 3375414367 93.968424 646459.764 257.467.486 12.615507 45 1550.709.376 5309247670 282.341224 8.507521657 I 3471.732808 102.632.511 477.647.958 260.523.734 14.120.387 44 10214.428.443 5236.73002 315221.844 8991.454.145 3.824.09%1 111.888264 510255280 261.856.220 15.770231 47 10.920.318.360 5~3313 350296.680 9496.477514 3.7%966.569 121.390246 516.176.050 261.180.242 17519571 44 11.870082% 5.161056212 383292.758 10412.469374 3.950.01298 129.947808 583.715.134 258.381102 19200294 49 12466.994.601 50%.704420 415,793.017 10.541.108510 4.124281387 137.550596 623.575.011 253.376.771 20.797.165 50 13311386470 4518219.6% 446.156292 112130.698206 43%749.768 114.313.178 665,816.300 246.009.620 22316.763 51 14208.121.160 4.723%1.481 472280.019 11229289.186 4.4%202.757 149.442241 710121.843 238.304.018 23%101 52 15.151526.571 4232116221 494.937.666 12386.821377 4.692991.679 153395.569 757.970.098 224.216.368 24.759.092 53 18.149.863411 4.1922131.675 512.954.697 12.749528.719 4299.483313 155.618.171 807.937296 204.758.324 21681243 54 17201.148360 3.823.111418 521.346.741 133172'2 c.43 5.115%0378 155.031.521 860.582.100 193.273.609 26.2133240 55 18.307.152.701 3.503%0371 518.024,818 13292130533 5%0.123244 151.105.769 915.973.538 175.297.844 21918.669 56 19471267248 3.132227.817 498918.755 14477472.171 5175083667 142263115 974263.754 158.760.691 24084.140 57 20734.119.026 2.767.674.127 471.611.671 15.062990.104 5.220 392568 132.318.797 8292%295 110.776.582 18.876%9 54 22.109/9372% 2.407279.171 443,733.770 15.7082)2221 1076426841 121.953.047 869.691.378 72.255.476 13318252 59 23,615,589.384 2264245.153 412,684,826 16.353.691269 6.1138%394 110,859.518 472489421 41.112.359 8356.801 60 2627'5.166525 1.715.677469 377243250 17020.919596 6.622985.031 98,851.036 252,804.169 17.160,343 3.773216 41 27.111912996 1.399.401.53$ 335376.09 17.7126603% 6.914 256373 85,560.448 - - 62 254)97300.931 1.112.123.536 288395.875 IA Anc44,913 7218623813 71.516528 11 31220%3.708 8131567.155 238.155237 19.186284242 7%6249225 57.488,539 - - - 64 33.497.824.186 659.667633 190.558.189 19977065.5% 7267.244304 44757.600 66 35511.826379 659.667.633 20.827.031.013 15450283 • Taw 1024.77940 20137.031.013 3.451405.01. $10171,701 NAAR • Nei Arno:~ Al IMF Weltned o pod of 35-year.cgn ° Erased o 200100034 Ultimate Morialg Taut 100% mortality ol rem/sumsFool et na 100 "Sum ol: Cash Vag Assomin3Nonalty • Cash Vela Payout of ogee. year • Cash Value Pegoot of psof years grown at 44% 950% roan wire 45% lax 19161 EFTA00296138