<TABLE>
<CAPTION>

                                                  VALUEMARK(R) IV
                                         ALLIANZ LIFE VARIABLE ACCOUNT B
                             CUMULATIVE AND AVERAGE ANNUAL TOTAL RETURN CALCULATIONS

                                    ORIGINAL PURCHASE AS OF DECEMBER 31, 1998
                                      VALUATION DATE AS OF DECEMBER 31, 1999


                                           Dollar                          Units This    Accum.       Accum.
    Date             Transaction           Amount         Unit Value         Trans.       Units       Value
    ----             -----------           ------         ----------         ------       -----       -----

                                                  Capital Growth
<S>           <C>                          <C>                <C>               <C>         <C>       <C>
12-31-98      Purchase                     $1,000.00          $15.53680530      64.363      64.363    $1,000.00
12-31-99      Contract Fee                     (1.00)         $20.15175796      (0.050)     64.314     1,296.03
12-31-99      Value before Surr Chg                           $20.15175796       0.000      64.314     1,296.03
12-31-99      Surrender Charge                (60.00)         $20.15175796      (2.977)     61.336     1,236.03
Cumulative and Average Annual Total Returns
              without/with charges                                  29.70%      A                        23.60% B

                                                Growth and Income
12-31-98      Purchase                     $1,000.00          $25.99287759      38.472      38.472    $1,000.00
12-31-99      Contract Fee                     (1.00)         $25.89127963      (0.039)     38.433       995.09
12-31-99      Value before Surr Chg                           $25.89127963       0.000      38.433       995.09
12-31-99      Surrender Charge                (60.00)         $25.89127963      (2.317)     36.116       935.09
Cumulative and Average Annual Total Returns
              without/with charges                                  -0.39% A                             -6.49% B

                                                   High Income
12-31-98      Purchase                     $1,000.00          $21.01959301      47.575      47.575    $1,000.00
12-31-99      Contract Fee                     (1.00)         $20.69510047      (0.048)     47.526       983.56
12-31-99      Value before Surr Chg                           $20.69510047       0.000      47.526       983.56
12-31-99      Surrender Charge                (60.00)         $20.69510047      (2.899)     44.627       923.56
Cumulative and Average Annual Total Returns
              without/with charges                                  -1.54% A                             -7.64% B

                                                Income Securities
12-31-98      Purchase                     $1,000.00          $24.89795747      40.164      40.164    $1,000.00
12-31-99      Contract Fee                     (1.00)         $24.08442690      (0.042)     40.122       966.33
12-31-99      Value before Surr Chg                           $24.08442690       0.000      40.122       966.33
12-31-99      Surrender Charge                (60.00)         $24.08442690      (2.491)     37.631       906.33
Cumulative and Average Annual Total Returns
              without/with charges                                  -3.27% A                             -9.37% B

                                                   Money Market
12-31-98      Purchase                     $1,000.00          $14.25958767      70.128      70.128    $1,000.00
12-31-99      Contract Fee                     (1.00)         $14.71699526      (0.068)     70.060     1,031.08
12-31-99      Value before Surr Chg                           $14.71699526       0.000      70.060     1,031.08
12-31-99      Surrender Charge                (60.00)         $14.71699526      (4.077)     65.983       971.08
Cumulative and Average Annual Total Returns
              without/with charges                                   3.21% A                             -2.89% B

                                           Mutual Discovery Securities
12-31-98      Purchase                     $1,000.00          $11.20464895      89.249      89.249    $1,000.00
12-31-99      Contract Fee                     (1.00)         $13.66196995      (0.073)     89.175     1,218.31
12-31-99      Value before Surr Chg                           $13.66196995       0.000      89.175     1,218.31
12-31-99      Surrender Charge                (60.00)         $13.66196995      (4.392)     84.784     1,158.31
Cumulative and Average Annual Total Returns
              without/with charges                                  21.93% A                             15.83% B

                                             Mutual Shares Securities
12-31-98      Purchase                     $1,000.00          $11.81402865      84.645      84.645    $1,000.00
12-31-99      Contract Fee                     (1.00)         $13.19948692      (0.076)     84.569     1,116.27
12-31-99      Value before Surr Chg                           $13.19948692       0.000      84.569     1,116.27
12-31-99      Surrender Charge                (60.00)         $13.19948692      (4.546)     80.024     1,056.27
Cumulative and Average Annual Total Returns
              without/with charges                                  11.73% A                              5.63% B

                                           Natural Resources Securities
12-31-98      Purchase                     $1,000.00           $8.42970932     118.628     118.628    $1,000.00
12-31-99      Contract Fee                     (1.00)         $10.98301490      (0.091)    118.537     1,301.89
12-31-99      Value before Surr Chg                           $10.98301490       0.000     118.537     1,301.89
12-31-99      Surrender Charge                (60.00)         $10.98301490      (5.463)    113.074     1,241.89
Cumulative and Average Annual Total Returns
              without/with charges                                  30.29% A                             24.19% B

                                              Real Estate Securities
12-31-98      Purchase                     $1,000.00          $22.90097471      43.666      43.666    $1,000.00
12-31-99      Contract Fee                     (1.00)         $21.17644498      (0.047)     43.619       923.70
12-31-99      Value before Surr Chg                           $21.17644498       0.000      43.619       923.70
12-31-99      Surrender Charge                (60.00)         $21.17644498      (2.833)     40.786       863.70
Cumulative and Average Annual Total Returns
              without/with charges                                  -7.53% A                            -13.63% B

                                                 Rising Dividends
12-31-98      Purchase                     $1,000.00          $21.03405907      47.542      47.542    $1,000.00
12-31-99      Contract Fee                     (1.00)         $18.71235633      (0.053)     47.489       888.62
12-31-99      Value before Surr Chg                           $18.71235633       0.000      47.489       888.62
12-31-99      Surrender Charge                (60.00)         $18.71235633      (3.206)     44.282       828.62
Cumulative and Average Annual Total Returns
              without/with charges                                 -11.04% A                            -17.14% B

                                                    Small Cap
12-31-98      Purchase                     $1,000.00          $14.55802199      68.691      68.691    $1,000.00
12-31-99      Contract Fee                     (1.00)         $28.24659725      (0.035)     68.655     1,939.28
12-31-99      Value before Surr Chg                           $28.24659725       0.000      68.655     1,939.28
12-31-99      Surrender Charge                (60.00)         $28.24659725      (2.124)     66.531     1,879.28
Cumulative and Average Annual Total Returns
              without/with charges                                  94.03% A                             87.93% B

                                       Templeton Developing Markets Equity
12-31-98      Purchase                     $1,000.00           $7.95817952     125.657     125.657    $1,000.00
12-31-99      Contract Fee                     (1.00)         $12.12450336      (0.082)    125.574     1,522.53
12-31-99      Value before Surr Chg                           $12.12450336       0.000     125.574     1,522.53
12-31-99      Surrender Charge                (60.00)         $12.12450336      (4.949)    120.626     1,462.53
Cumulative and Average Annual Total Returns
              without/with charges                                  52.35% A                             46.25% B

                                        Templeton Global Asset Allocation
12-31-98      Purchase                     $1,000.00          $13.54330315      73.837      73.837    $1,000.00
12-31-99      Contract Fee                     (1.00)         $14.34717725      (0.070)     73.768     1,058.36
12-31-99      Value before Surr Chg                           $14.34717725       0.000      73.768     1,058.36
12-31-99      Surrender Charge                (60.00)         $14.34717725      (4.182)     69.586       998.36
Cumulative and Average Annual Total Returns
              without/with charges                                   5.94% A                             -0.16% B

                                             Templeton Global Growth
12-31-98      Purchase                     $1,000.00          $16.23822650      61.583      61.583    $1,000.00
12-31-99      Contract Fee                     (1.00)         $19.36424346      (0.052)     61.531     1,191.51
12-31-99      Value before Surr Chg                           $19.36424346       0.000      61.531     1,191.51
12-31-99      Surrender Charge                (60.00)         $19.36424346      (3.098)     58.433     1,131.51
Cumulative and Average Annual Total Returns
              without/with charges                                  19.25% A                             13.15% B

                                        Templeton Global Income Securities
12-31-98      Purchase                     $1,000.00          $17.74568378      56.352      56.352    $1,000.00
12-31-99      Contract Fee                     (1.00)         $16.47175055      (0.061)     56.291       927.21
12-31-99      Value before Surr Chg                           $16.47175055       0.000      56.291       927.21
12-31-99      Surrender Charge                (60.00)         $16.47175055      (3.643)     52.648       867.21
Cumulative and Average Annual Total Returns
              without/with charges                                  -7.18% A                            -13.28% B

                                          Templeton International Equity
12-31-98      Purchase                     $1,000.00          $18.32204431      54.579      54.579    $1,000.00
12-31-99      Contract Fee                     (1.00)         $22.85845398      (0.044)     54.535     1,246.59
12-31-99      Value before Surr Chg                           $22.85845398       0.000      54.535     1,246.59
12-31-99      Surrender Charge                (60.00)         $22.85845398      (2.625)     51.910     1,186.59
Cumulative and Average Annual Total Returns
              without/with charges                                  24.76% A                             18.66% B

                                    Templeton International Smaller Companies
12-31-98      Purchase                     $1,000.00           $9.34197461     107.044     107.044    $1,000.00
12-31-99      Contract Fee                     (1.00)         $11.40338804      (0.088)    106.956     1,219.66
12-31-99      Value before Surr Chg                           $11.40338804       0.000     106.956     1,219.66
12-31-99      Surrender Charge                (60.00)         $11.40338804      (5.262)    101.694     1,159.66
Cumulative and Average Annual Total Returns
              without/with charges                                  22.07%      A                        15.97% B

                                             Templeton Pacific Growth
12-31-98      Purchase                     $1,000.00           $8.02829857     124.559     124.559    $1,000.00
12-31-99      Contract Fee                     (1.00)         $10.83777752      (0.092)    124.467     1,348.95
12-31-99      Value before Surr Chg                           $10.83777752       0.000     124.467     1,348.95
12-31-99      Surrender Charge                (60.00)         $10.83777752      (5.536)    118.931     1,288.95
Cumulative and Average Annual Total Returns
              without/with charges                                  34.99% A                             28.89% B

                                            U.S. Government Securities
12-31-98      Purchase                     $1,000.00          $18.84665157      53.060      53.060    $1,000.00
12-31-99      Contract Fee                     (1.00)         $18.39356716      (0.054)     53.005       974.96
12-31-99      Value before Surr Chg                           $18.39356716       0.000      53.005       974.96
12-31-99      Surrender Charge                (60.00)         $18.39356716      (3.262)     49.743       914.96
Cumulative and Average Annual Total Returns
              without/with charges                                  -2.40% A                             -8.50% B

                                           Global Utilities Securities
12-31-98      Purchase                     $1,000.00          $28.08202457      35.610      35.610    $1,000.00
12-31-99      Contract Fee                     (1.00)         $38.57166130      (0.026)     35.584     1,372.54
12-31-99      Value before Surr Chg                           $38.57166130       0.000      35.584     1,372.54
12-31-99      Surrender Charge                (60.00)         $38.57166130      (1.556)     34.028     1,312.54
Cumulative and Average Annual Total Returns
              without/with charges                                  37.35% A                             31.25% B

                                                Zero Coupon - 2000
12-31-98      Purchase                     $1,000.00          $20.50196174      48.776      48.776    $1,000.00
12-31-99      Contract Fee                     (1.00)         $20.81856477      (0.048)     48.728     1,014.44
12-31-99      Value before Surr Chg                           $20.81856477       0.000      48.728     1,014.44
12-31-99      Surrender Charge                (60.00)         $20.81856477      (2.882)     45.846       954.44
Cumulative and Average Annual Total Returns
              without/with charges                                   1.54% A                             -4.56% B

                                                Zero Coupon - 2005
12-31-98      Purchase                     $1,000.00          $24.78585655      40.346      40.346    $1,000.00
12-31-99      Contract Fee                     (1.00)         $22.98336230      (0.044)     40.302       926.28
12-31-99      Value before Surr Chg                           $22.98336230       0.000      40.302       926.28
12-31-99      Surrender Charge                (60.00)         $22.98336230      (2.611)     37.691       866.28
Cumulative and Average Annual Total Returns
              without/with charges                                  -7.27% A                            -13.37% B

                                                Zero Coupon - 2010
12-31-98      Purchase                     $1,000.00          $27.67407049      36.135      36.135    $1,000.00
12-31-99      Contract Fee                     (1.00)         $23.92886562      (0.042)     36.093       863.67
12-31-99      Value before Surr Chg                           $23.92886562       0.000      36.093       863.67
12-31-99      Surrender Charge                (60.00)         $23.92886562      (2.507)     33.586       803.67
Cumulative and Average Annual Total Returns
              without/with charges                                 -13.53% A                            -19.63% B

                                          Global Health Care Securities
12-31-98      Purchase                     $1,000.00          $10.60384781      94.305      94.305    $1,000.00
12-31-99      Contract Fee                     (1.00)          $9.60095883      (0.104)     94.201       904.42
12-31-99      Value before Surr Chg                            $9.60095883       0.000      94.201       904.42
12-31-99      Surrender Charge                (60.00)          $9.60095883      (6.249)     87.952       844.42
Cumulative and Average Annual Total Returns
              without/with charges                                  -9.46% A                            -15.56% B

                                                 Value Securities
12-31-98      Purchase                     $1,000.00           $7.71278940     129.655     129.655    $1,000.00
12-31-99      Contract Fee                     (1.00)          $7.72414690      (0.129)    129.525     1,000.47
12-31-99      Value before Surr Chg                            $7.72414690       0.000     129.525     1,000.47
12-31-99      Surrender Charge                (60.00)          $7.72414690      (7.768)    121.757       940.47
Cumulative and Average Annual Total Returns
              without/with charges                                   0.15% A                             -5.95% B



<FN>
A = (Unit Value as of December 31, 1999 - Unit Value at Purchase)/Unit  Value at
Purchase  B =  (Accumulated  Value as of  December  31,  1999 - Accum.  Value at
Purch.)/Accum. Value at Purch.
</FN>
</TABLE>

<TABLE>
<CAPTION>

                                                 VALUEMARK(R) IV
                                        ALLIANZ LIFE VARIABLE ACCOUNT B
                            CUMULATIVE AND AVERAGE ANNUAL TOTAL RETURN CALCULATIONS

                                   ORIGINAL PURCHASE AS OF DECEMBER 31, 1996
                                    VALUATION DATE AS OF DECEMBER 31, 1999


                                           Dollar                       Units This    Accum.      Accum.
    Date             Transaction           Amount        Unit Value       Trans.      Units       Value
    ----             -----------           ------        ----------       ------      -----       -----

                                                Capital Growth
<S>           <C>                           <C>            <C>               <C>        <C>       <C>
12-31-96      Purchase                      $1,000.00      $11.24740541      88.909     88.909    $1,000.00
12-31-97      Contract Fee                      (1.00)     $13.10996126      (0.076)    88.833     1,164.60
12-31-98      Contract Fee                      (1.00)     $15.53680530      (0.064)    88.769     1,379.18
12-31-99      Contract Fee                      (1.00)     $20.15175796      (0.050)    88.719     1,787.85
12-31-99      Value before Surr Chg                        $20.15175796       0.000     88.719     1,787.85
12-31-99      Surrender Charge                 (51.00)     $20.15175796      (2.531)    86.188     1,736.85
Cumulative Total Returns without/with chrgs.                     79.17% A                            73.68% C
Avg. Annual Total Returns without/with chrgs.                    21.46% B                            20.20% D

                                               Growth and Income
12-31-96      Purchase                      $1,000.00      $19.35081369      51.677     51.677    $1,000.00
12-31-97      Contract Fee                      (1.00)     $24.35403985      (0.041)    51.636     1,257.55
12-31-98      Contract Fee                      (1.00)     $25.99287759      (0.038)    51.598     1,341.18
12-31-99      Contract Fee                      (1.00)     $25.89127963      (0.039)    51.559     1,334.94
12-31-99      Value before Surr Chg                        $25.89127963       0.000     51.559     1,334.94
12-31-99      Surrender Charge                 (51.00)     $25.89127963      (1.970)    49.589     1,283.94
Cumulative Total Returns without/with chrgs.                     33.80% A                            28.39% C
Avg. Annual Total Returns without/with chrgs.                    10.19% B                             8.69% D

                                                  High Income
12-31-96      Purchase                      $1,000.00      $19.23682686      51.984     51.984    $1,000.00
12-31-97      Contract Fee                      (1.00)     $21.14081079      (0.047)    51.936     1,097.98
12-31-98      Contract Fee                      (1.00)     $21.01959301      (0.048)    51.889     1,090.68
12-31-99      Contract Fee                      (1.00)     $20.69510047      (0.048)    51.840     1,072.84
12-31-99      Value before Surr Chg                        $20.69510047       0.000     51.840     1,072.84
12-31-99      Surrender Charge                 (51.00)     $20.69510047      (2.464)    49.376     1,021.84
Cumulative Total Returns without/with chrgs.                      7.58% A                             2.18% C
Avg. Annual Total Returns without/with chrgs.                     2.47% B                             0.72% D

                                               Income Securities
12-31-96      Purchase                      $1,000.00      $21.55369456      46.396     46.396    $1,000.00
12-31-97      Contract Fee                      (1.00)     $24.86373833      (0.040)    46.356     1,152.57
12-31-98      Contract Fee                      (1.00)     $24.89795747      (0.040)    46.315     1,153.16
12-31-99      Contract Fee                      (1.00)     $24.08442690      (0.042)    46.274     1,114.48
12-31-99      Value before Surr Chg                        $24.08442690       0.000     46.274     1,114.48
12-31-99      Surrender Charge                 (51.00)     $24.08442690      (2.118)    44.156     1,063.48
Cumulative Total Returns without/with chrgs.                     11.74% A                             6.35% C
Avg. Annual Total Returns without/with chrgs.                     3.77% B                             2.07% D

                                                 Money Market
12-31-96      Purchase                      $1,000.00      $13.26609762      75.380     75.380    $1,000.00
12-31-97      Contract Fee                      (1.00)     $13.75569800      (0.073)    75.307     1,035.91
12-31-98      Contract Fee                      (1.00)     $14.25958767      (0.070)    75.237     1,072.85
12-31-99      Contract Fee                      (1.00)     $14.71699526      (0.068)    75.169     1,106.27
12-31-99      Value before Surr Chg                        $14.71699526       0.000     75.169     1,106.27
12-31-99      Surrender Charge                 (51.00)     $14.71699526      (3.465)    71.704     1,055.27
Cumulative Total Returns without/with chrgs.                     10.94% A                             5.53% C
Avg. Annual Total Returns without/with chrgs.                     3.52% B                             1.81% D

                                          Mutual Discovery Securities
12-31-96      Purchase                      $1,000.00      $10.17920124      98.240     98.240    $1,000.00
12-31-97      Contract Fee                      (1.00)     $11.97090670      (0.084)    98.156     1,175.02
12-31-98      Contract Fee                      (1.00)     $11.20464895      (0.089)    98.067     1,098.80
12-31-99      Contract Fee                      (1.00)     $13.66196995      (0.073)    97.994     1,338.79
12-31-99      Value before Surr Chg                        $13.66196995       0.000     97.994     1,338.79
12-31-99      Surrender Charge                 (51.00)     $13.66196995      (3.733)    94.261     1,287.79
Cumulative Total Returns without/with chrgs.                     34.21% A                            28.78% C
Avg. Annual Total Returns without/with chrgs.                    10.31% B                             8.80% D

                                           Mutual Shares Securities
12-31-96      Purchase                      $1,000.00      $10.32889538      96.816     96.816    $1,000.00
12-31-97      Contract Fee                      (1.00)     $11.98070033      (0.083)    96.732     1,158.92
12-31-98      Contract Fee                      (1.00)     $11.81402865      (0.085)    96.648     1,141.80
12-31-99      Contract Fee                      (1.00)     $13.19948692      (0.076)    96.572     1,274.70
12-31-99      Value before Surr Chg                        $13.19948692       0.000     96.572     1,274.70
12-31-99      Surrender Charge                 (51.00)     $13.19948692      (3.864)    92.708     1,223.70
Cumulative Total Returns without/with chrgs.                     27.79% A                            22.37% C
Avg. Annual Total Returns without/with chrgs.                     8.52% B                             6.96% D

                                         Natural Resources Securities
12-31-96      Purchase                      $1,000.00      $14.36439436      69.617     69.617    $1,000.00
12-31-97      Contract Fee                      (1.00)     $11.46649607      (0.087)    69.529       797.26
12-31-98      Contract Fee                      (1.00)      $8.42970932      (0.119)    69.411       585.11
12-31-99      Contract Fee                      (1.00)     $10.98301490      (0.091)    69.320       761.34
12-31-99      Value before Surr Chg                        $10.98301490       0.000     69.320       761.34
12-31-99      Surrender Charge                 (51.00)     $10.98301490      (4.644)    64.676       710.34
Cumulative Total Returns without/with chrgs.                    -23.54% A                           -28.97% C
Avg. Annual Total Returns without/with chrgs.                    -8.56% B                           -10.77% D

                                            Real Estate Securities
12-31-96      Purchase                      $1,000.00      $23.49916899      42.555     42.555    $1,000.00
12-31-97      Contract Fee                      (1.00)     $27.94367614      (0.036)    42.519     1,188.13
12-31-98      Contract Fee                      (1.00)     $22.90097471      (0.044)    42.475       972.72
12-31-99      Contract Fee                      (1.00)     $21.17644498      (0.047)    42.428       898.47
12-31-99      Value before Surr Chg                        $21.17644498       0.000     42.428       898.47
12-31-99      Surrender Charge                 (51.00)     $21.17644498      (2.408)    40.020       847.47
Cumulative Total Returns without/with chrgs.                     -9.88% A                           -15.25% C
Avg. Annual Total Returns without/with chrgs.                    -3.41% B                            -5.37% D

                                               Rising Dividends
12-31-96      Purchase                      $1,000.00      $15.23536682      65.637     65.637    $1,000.00
12-31-97      Contract Fee                      (1.00)     $19.96761178      (0.050)    65.587     1,309.61
12-31-98      Contract Fee                      (1.00)     $21.03405907      (0.048)    65.539     1,378.55
12-31-99      Contract Fee                      (1.00)     $18.71235633      (0.053)    65.486     1,225.39
12-31-99      Value before Surr Chg                        $18.71235633       0.000     65.486     1,225.39
12-31-99      Surrender Charge                 (51.00)     $18.71235633      (2.725)    62.760     1,174.39
Cumulative Total Returns without/with chrgs.                     22.82% A                            17.44% C
Avg. Annual Total Returns without/with chrgs.                     7.09% B                             5.50% D

                                                   Small Cap
12-31-96      Purchase                      $1,000.00      $12.89918829      77.524     77.524    $1,000.00
12-31-97      Contract Fee                      (1.00)     $14.92280844      (0.067)    77.457     1,155.88
12-31-98      Contract Fee                      (1.00)     $14.55802199      (0.069)    77.389     1,126.62
12-31-99      Contract Fee                      (1.00)     $28.24659725      (0.035)    77.353     2,184.96
12-31-99      Value before Surr Chg                        $28.24659725       0.000     77.353     2,184.96
12-31-99      Surrender Charge                 (51.00)     $28.24659725      (1.806)    75.548     2,133.96
Cumulative Total Returns without/with charges                   118.98% A                           113.40%
Average Annual Total Returns without/with charges                29.86% B                            28.74%

                                      Templeton Developing Markets Equity
12-31-96      Purchase                      $1,000.00      $11.45833113      87.273     87.273    $1,000.00
12-31-97      Contract Fee                      (1.00)     $10.30480726      (0.097)    87.176       898.33
12-31-98      Contract Fee                      (1.00)      $7.95817952      (0.126)    87.050       692.76
12-31-99      Contract Fee                      (1.00)     $12.12450336      (0.082)    86.968     1,054.44
12-31-99      Value before Surr Chg                        $12.12450336       0.000     86.968     1,054.44
12-31-99      Surrender Charge                 (51.00)     $12.12450336      (4.206)    82.761     1,003.44
Cumulative Total Returns without/with chrgs.                      5.81% A                             0.34% C
Avg. Annual Total Returns without/with chrgs.                     1.90% B                             0.11% D

                                       Templeton Global Asset Allocation
12-31-96      Purchase                      $1,000.00      $12.49492743      80.032     80.032    $1,000.00
12-31-97      Contract Fee                      (1.00)     $13.75214238      (0.073)    79.960     1,099.62
12-31-98      Contract Fee                      (1.00)     $13.54330315      (0.074)    79.886     1,081.92
12-31-99      Contract Fee                      (1.00)     $14.34717725      (0.070)    79.816     1,145.14
12-31-99      Value before Surr Chg                        $14.34717725       0.000     79.816     1,145.14
12-31-99      Surrender Charge                 (51.00)     $14.34717725      (3.555)    76.262     1,094.14
Cumulative Total Returns without/with chrgs.                     14.82% A                             9.41% C
Avg. Annual Total Returns without/with chrgs.                     4.72% B                             3.04% D

                                            Templeton Global Growth
12-31-96      Purchase                      $1,000.00      $13.52541005      73.935     73.935    $1,000.00
12-31-97      Contract Fee                      (1.00)     $15.12444656      (0.066)    73.869     1,117.22
12-31-98      Contract Fee                      (1.00)     $16.23822650      (0.062)    73.807     1,198.50
12-31-99      Contract Fee                      (1.00)     $19.36424346      (0.052)    73.756     1,428.22
12-31-99      Value before Surr Chg                        $19.36424346       0.000     73.756     1,428.22
12-31-99      Surrender Charge                 (51.00)     $19.36424346      (2.634)    71.122     1,377.22
Cumulative Total Returns without/with chrgs.                     43.17% A                            37.72% C
Avg. Annual Total Returns without/with chrgs.                    12.71% B                            11.26% D

                                      Templeton Global Income Securities
12-31-96      Purchase                      $1,000.00      $16.66103106      60.020     60.020    $1,000.00
12-31-97      Contract Fee                      (1.00)     $16.82084400      (0.059)    59.961     1,008.59
12-31-98      Contract Fee                      (1.00)     $17.74568378      (0.056)    59.904     1,063.05
12-31-99      Contract Fee                      (1.00)     $16.47175055      (0.061)    59.844       985.73
12-31-99      Value before Surr Chg                        $16.47175055       0.000     59.844       985.73
12-31-99      Surrender Charge                 (51.00)     $16.47175055      (3.096)    56.748       934.73
Cumulative Total Returns without/with chrgs.                     -1.14% A                            -6.53% C
Avg. Annual Total Returns without/with chrgs.                    -0.38% B                            -2.22% D

                                        Templeton International Equity
12-31-96      Purchase                      $1,000.00      $16.01035857      62.460     62.460    $1,000.00
12-31-97      Contract Fee                      (1.00)     $17.61715343      (0.057)    62.403     1,099.36
12-31-98      Contract Fee                      (1.00)     $18.32204431      (0.055)    62.348     1,142.35
12-31-99      Contract Fee                      (1.00)     $22.85845398      (0.044)    62.304     1,424.18
12-31-99      Value before Surr Chg                        $22.85845398       0.000     62.304     1,424.18
12-31-99      Surrender Charge                 (51.00)     $22.85845398      (2.231)    60.073     1,373.18
Cumulative Total Returns without/with chrgs.                     42.77% A                            37.32% C
Avg. Annual Total Returns without/with chrgs.                    12.60% B                            11.15% D

                                   Templeton International Smaller Companies
12-31-96      Purchase                      $1,000.00      $11.13849568      89.779     89.779    $1,000.00
12-31-97      Contract Fee                      (1.00)     $10.80891898      (0.093)    89.686       969.41
12-31-98      Contract Fee                      (1.00)      $9.34197461      (0.107)    89.579       836.85
12-31-99      Contract Fee                      (1.00)     $11.40338804      (0.088)    89.491     1,020.51
12-31-99      Value before Surr Chg                        $11.40338804       0.000     89.491     1,020.51
12-31-99      Surrender Charge                 (51.00)     $11.40338804      (4.472)    85.019       969.51
Cumulative Total Returns without/with chrgs.                      2.38% A                            -3.05% C
Avg. Annual Total Returns without/with chrgs.                     0.79% B                            -1.03% D

                                           Templeton Pacific Growth
12-31-96      Purchase                      $1,000.00      $14.86560901      67.269     67.269    $1,000.00
12-31-97      Contract Fee                      (1.00)      $9.38089631      (0.107)    67.163       630.05
12-31-98      Contract Fee                      (1.00)      $8.02829857      (0.125)    67.038       538.20
12-31-99      Contract Fee                      (1.00)     $10.83777752      (0.092)    66.946       725.55
12-31-99      Value before Surr Chg                        $10.83777752       0.000     66.946       725.55
12-31-99      Surrender Charge                 (51.00)     $10.83777752      (4.706)    62.240       674.55
Cumulative Total Returns without/with chrgs.                    -27.09% A                           -32.55% C
Avg. Annual Total Returns without/with chrgs.                   -10.00% B                           -12.30% D

                                          U.S. Government Securities
12-31-96      Purchase                      $1,000.00      $16.53304452      60.485     60.485    $1,000.00
12-31-97      Contract Fee                      (1.00)     $17.80492179      (0.056)    60.429     1,075.93
12-31-98      Contract Fee                      (1.00)     $18.84665157      (0.053)    60.376     1,137.88
12-31-99      Contract Fee                      (1.00)     $18.39356716      (0.054)    60.321     1,109.52
12-31-99      Value before Surr Chg                        $18.39356716       0.000     60.321     1,109.52
12-31-99      Surrender Charge                 (51.00)     $18.39356716      (2.773)    57.549     1,058.52
Cumulative Total Returns without/with chrgs.                     11.25% A                             5.85% C
Avg. Annual Total Returns without/with chrgs.                     3.62% B                             1.91% D

                                          Global Utilities Securities
12-31-96      Purchase                      $1,000.00      $20.52658248      48.717     48.717    $1,000.00
12-31-97      Contract Fee                      (1.00)     $25.63546176      (0.039)    48.678     1,247.89
12-31-98      Contract Fee                      (1.00)     $28.08202457      (0.036)    48.643     1,365.99
12-31-99      Contract Fee                      (1.00)     $38.57166130      (0.026)    48.617     1,875.23
12-31-99      Value before Surr Chg                        $38.57166130       0.000     48.617     1,875.23
12-31-99      Surrender Charge                 (51.00)     $38.57166130      (1.322)    47.295     1,824.23
Cumulative Total Returns without/with chrgs.                     87.91% A                            82.42% C
Avg. Annual Total Returns without/with chrgs.                    23.40% B                            22.19% D

                                              Zero Coupon - 2000
12-31-96      Purchase                      $1,000.00      $18.34477774      54.511     54.511    $1,000.00
12-31-97      Contract Fee                      (1.00)     $19.35767222      (0.052)    54.460     1,054.21
12-31-98      Contract Fee                      (1.00)     $20.50196174      (0.049)    54.411     1,115.53
12-31-99      Contract Fee                      (1.00)     $20.81856477      (0.048)    54.363     1,131.76
12-31-99      Value before Surr Chg                        $20.81856477       0.000     54.363     1,131.76
12-31-99      Surrender Charge                 (51.00)     $20.81856477      (2.450)    51.913     1,080.76
Cumulative Total Returns without/with chrgs.                     13.48% A                             8.08% C
Avg. Annual Total Returns without/with chrgs.                     4.31% B                             2.62% D

                                              Zero Coupon - 2005
12-31-96      Purchase                      $1,000.00      $20.37523353      49.079     49.079    $1,000.00
12-31-97      Contract Fee                      (1.00)     $22.35667212      (0.045)    49.034     1,096.25
12-31-98      Contract Fee                      (1.00)     $24.78585655      (0.040)    48.994     1,214.36
12-31-99      Contract Fee                      (1.00)     $22.98336230      (0.044)    48.951     1,125.05
12-31-99      Value before Surr Chg                        $22.98336230       0.000     48.951     1,125.05
12-31-99      Surrender Charge                 (51.00)     $22.98336230      (2.219)    46.732     1,074.05
Cumulative Total Returns without/with chrgs.                     12.80% A                             7.40% C
Avg. Annual Total Returns without/with chrgs.                     4.10% B                             2.41% D

                                              Zero Coupon - 2010
12-31-96      Purchase                      $1,000.00      $21.37105221      46.792     46.792    $1,000.00
12-31-97      Contract Fee                      (1.00)     $24.54360878      (0.041)    46.752     1,147.45
12-31-98      Contract Fee                      (1.00)     $27.67407049      (0.036)    46.715     1,292.80
12-31-99      Contract Fee                      (1.00)     $23.92886562      (0.042)    46.674     1,116.85
12-31-99      Value before Surr Chg                        $23.92886562       0.000     46.674     1,116.85
12-31-99      Surrender Charge                 (51.00)     $23.92886562      (2.131)    44.542     1,065.85
Cumulative Total Returns without/with chrgs.                     11.97% A                             6.58% C
Avg. Annual Total Returns without/with chrgs.                     3.84% B                             2.15% D




<FN>
A = (Unit Value as of December 31, 1999 - Unit Value at Purchase)/Unit  Value at
Purchase B =  [(A+1)^(1/3  Years)]-1 C =  (Accumulated  Value as of December 31,
1999 - Accum. Value at Purch.)/Accum. Value at Purch.
D = [(C+1)^(1/3 Years)]-1
</FN>
</TABLE>


<TABLE>
<CAPTION>

                                                VALUEMARK(R) IV
                                       ALLIANZ LIFE VARIABLE ACCOUNT B
                           CUMULATIVE AND AVERAGE ANNUAL TOTAL RETURN CALCULATIONS

                                  ORIGINAL PURCHASE AS OF DECEMBER 31, 1994
                                   VALUATION DATE AS OF DECEMBER 31, 1999


                                          Dollar                       Units This    Accum.      Accum.
    Date            Transaction           Amount        Unit Value       Trans.      Units       Value
    ----            -----------           ------        ----------       ------      -----       -----


                                              Growth and Income
<S>          <C>                           <C>            <C>               <C>        <C>       <C>
12-31-94     Purchase                      $1,000.00      $13.14423327      76.079     76.079    $1,000.00
12-31-95     Contract Fee                      (1.00)     $17.20200155      (0.058)    76.021     1,307.71
12-31-96     Contract Fee                      (1.00)     $19.35081369      (0.052)    75.969     1,470.07
12-31-97     Contract Fee                      (1.00)     $24.35403985      (0.041)    75.928     1,849.16
12-31-98     Contract Fee                      (1.00)     $25.99287759      (0.038)    75.890     1,972.59
12-31-99     Contract Fee                      (1.00)     $25.89127963      (0.039)    75.851     1,963.88
12-31-99     Value before Surr Chg                        $25.89127963       0.000     75.851     1,963.88
12-31-99     Surrender Charge                 (34.00)     $25.89127963      (1.313)    74.538     1,929.88
Cumulative Total Returns without/with chrgs.                    96.98% A                            92.99% C
Avg. Annual Total Returns without/with chrgs.                   14.52% B                            14.05% D

                                                 High Income
12-31-94     Purchase                      $1,000.00      $14.52977464      68.824     68.824    $1,000.00
12-31-95     Contract Fee                      (1.00)     $17.14451419      (0.058)    68.766     1,178.96
12-31-96     Contract Fee                      (1.00)     $19.23682686      (0.052)    68.714     1,321.84
12-31-97     Contract Fee                      (1.00)     $21.14081079      (0.047)    68.667     1,451.67
12-31-98     Contract Fee                      (1.00)     $21.01959301      (0.048)    68.619     1,442.34
12-31-99     Contract Fee                      (1.00)     $20.69510047      (0.048)    68.571     1,419.08
12-31-99     Value before Surr Chg                        $20.69510047       0.000     68.571     1,419.08
12-31-99     Surrender Charge                 (34.00)     $20.69510047      (1.643)    66.928     1,385.08
Cumulative Total Returns without/with chrgs.                    42.43% A                            38.51% C
Avg. Annual Total Returns without/with chrgs.                    7.33% B                             6.73% D

                                              Income Securities
12-31-94     Purchase                      $1,000.00      $16.30439562      61.333     61.333    $1,000.00
12-31-95     Contract Fee                      (1.00)     $19.66228575      (0.051)    61.282     1,204.95
12-31-96     Contract Fee                      (1.00)     $21.55369456      (0.046)    61.236     1,319.86
12-31-97     Contract Fee                      (1.00)     $24.86373833      (0.040)    61.196     1,521.55
12-31-98     Contract Fee                      (1.00)     $24.89795747      (0.040)    61.156     1,522.65
12-31-99     Contract Fee                      (1.00)     $24.08442690      (0.042)    61.114     1,471.90
12-31-99     Value before Surr Chg                        $24.08442690       0.000     61.114     1,471.90
12-31-99     Surrender Charge                 (34.00)     $24.08442690      (1.412)    59.702     1,437.90
Cumulative Total Returns without/with chrgs.                    47.72% A                            43.79% C
Avg. Annual Total Returns without/with chrgs.                    8.12% B                             7.53% D

                                                Money Market
12-31-94     Purchase                      $1,000.00      $12.29002320      81.367     81.367    $1,000.00
12-31-95     Contract Fee                      (1.00)     $12.80529257      (0.078)    81.289     1,040.93
12-31-96     Contract Fee                      (1.00)     $13.26609762      (0.075)    81.213     1,077.38
12-31-97     Contract Fee                      (1.00)     $13.75569800      (0.073)    81.141     1,116.15
12-31-98     Contract Fee                      (1.00)     $14.25958767      (0.070)    81.071     1,156.03
12-31-99     Contract Fee                      (1.00)     $14.71699526      (0.068)    81.003     1,192.11
12-31-99     Value before Surr Chg                        $14.71699526       0.000     81.003     1,192.11
12-31-99     Surrender Charge                 (34.00)     $14.71699526      (2.310)    78.692     1,158.11
Cumulative Total Returns without/with chrgs.                    19.75% A                            15.81% C
Avg. Annual Total Returns without/with chrgs.                    3.67% B                             2.98% D


                                        Natural Resources Securities
12-31-94     Purchase                      $1,000.00      $13.90432727      71.920     71.920    $1,000.00
12-31-95     Contract Fee                      (1.00)     $14.02092182      (0.071)    71.849     1,007.39
12-31-96     Contract Fee                      (1.00)     $14.36439436      (0.070)    71.779     1,031.06
12-31-97     Contract Fee                      (1.00)     $11.46649607      (0.087)    71.692       822.05
12-31-98     Contract Fee                      (1.00)      $8.42970932      (0.119)    71.573       603.34
12-31-99     Contract Fee                      (1.00)     $10.98301490      (0.091)    71.482       785.09
12-31-99     Value before Surr Chg                        $10.98301490       0.000     71.482       785.09
12-31-99     Surrender Charge                 (34.00)     $10.98301490      (3.096)    68.387       751.09
Cumulative Total Returns without/with chrgs.                   -21.01% A                           -24.89% C
Avg. Annual Total Returns without/with chrgs.                   -4.61% B                            -5.56% D

                                           Real Estate Securities
12-31-94     Purchase                      $1,000.00      $15.51100005      64.470     64.470    $1,000.00
12-31-95     Contract Fee                      (1.00)     $17.96041830      (0.056)    64.415     1,156.91
12-31-96     Contract Fee                      (1.00)     $23.49916899      (0.043)    64.372     1,512.69
12-31-97     Contract Fee                      (1.00)     $27.94367614      (0.036)    64.336     1,797.79
12-31-98     Contract Fee                      (1.00)     $22.90097471      (0.044)    64.293     1,472.37
12-31-99     Contract Fee                      (1.00)     $21.17644498      (0.047)    64.245     1,360.49
12-31-99     Value before Surr Chg                        $21.17644498       0.000     64.245     1,360.49
12-31-99     Surrender Charge                 (34.00)     $21.17644498      (1.606)    62.640     1,326.49
Cumulative Total Returns without/with chrgs.                    36.53% A                            32.65% C
Avg. Annual Total Returns without/with chrgs.                    6.42% B                             5.81% D

                                              Rising Dividends
12-31-94     Purchase                      $1,000.00       $9.74313966     102.636    102.636    $1,000.00
12-31-95     Contract Fee                      (1.00)     $12.45442887      (0.080)   102.556    $1,277.28
12-31-96     Contract Fee                      (1.00)     $15.23536682      (0.066)   102.490    $1,561.48
12-31-97     Contract Fee                      (1.00)     $19.96761178      (0.050)   102.440     2,045.49
12-31-98     Contract Fee                      (1.00)     $21.03405907      (0.048)   102.393     2,153.74
12-31-99     Contract Fee                      (1.00)     $18.71235633      (0.053)   102.339     1,915.01
12-31-99     Value before Surr Chg                        $18.71235633       0.000    102.339     1,915.01
12-31-99     Surrender Charge                 (34.00)     $18.71235633      (1.817)   100.522     1,881.01
Cumulative Total Returns without/with chrgs.                    92.06% A                            88.10% C
Avg. Annual Total Rtns. without/with chrgs.                     13.94% B                            13.47% D


                                     Templeton Developing Markets Equity
12-31-94     Purchase                      $1,000.00       $9.44748810     105.848    105.848    $1,000.00
12-31-95     Contract Fee                      (1.00)      $9.56626187      (0.105)   105.744     1,011.57
12-31-96     Contract Fee                      (1.00)     $11.45833113      (0.087)   105.656     1,210.65
12-31-97     Contract Fee                      (1.00)     $10.30480726      (0.097)   105.559     1,087.77
12-31-98     Contract Fee                      (1.00)      $7.95817952      (0.126)   105.434       839.06
12-31-99     Contract Fee                      (1.00)     $12.12450336      (0.082)   105.351     1,277.33
12-31-99     Value before Surr Chg                        $12.12450336       0.000    105.351     1,277.33
12-31-99     Surrender Charge                 (34.00)     $12.12450336      (2.804)   102.547     1,243.33
Cumulative Total Returns without/with chrgs.                    28.34% A                            24.33% C
Avg. Annual Total Rtns. without/with chrgs.                      5.12% B                             4.45% D


                                           Templeton Global Growth
12-31-94     Purchase                      $1,000.00      $10.19356357      98.101     98.101    $1,000.00
12-31-95     Contract Fee                      (1.00)     $11.32067650      (0.088)    98.013     1,109.57
12-31-96     Contract Fee                      (1.00)     $13.52541005      (0.074)    97.939     1,324.66
12-31-97     Contract Fee                      (1.00)     $15.12444656      (0.066)    97.873     1,480.27
12-31-98     Contract Fee                      (1.00)     $16.23822650      (0.062)    97.811     1,588.28
12-31-99     Contract Fee                      (1.00)     $19.36424346      (0.052)    97.760     1,893.04
12-31-99     Value before Surr Chg                        $19.36424346       0.000     97.760     1,893.04
12-31-99     Surrender Charge                 (34.00)     $19.36424346      (1.756)    96.004     1,859.04
Cumulative Total Returns without/with chrgs.                    89.97% A                            85.90% C
Avg. Annual Total Rtns. without/with chrgs.                     13.69% B                            13.20% D

                                     Templeton Global Income Securities
12-31-94     Purchase                      $1,000.00      $13.65317533      73.243     73.243    $1,000.00
12-31-95     Contract Fee                      (1.00)     $15.42592706      (0.065)    73.178     1,128.84
12-31-96     Contract Fee                      (1.00)     $16.66103106      (0.060)    73.118     1,218.22
12-31-97     Contract Fee                      (1.00)     $16.82084400      (0.059)    73.059     1,228.91
12-31-98     Contract Fee                      (1.00)     $17.74568378      (0.056)    73.002     1,295.48
12-31-99     Contract Fee                      (1.00)     $16.47175055      (0.061)    72.942     1,201.48
12-31-99     Value before Surr Chg                        $16.47175055       0.000     72.942     1,201.48
12-31-99     Surrender Charge                 (34.00)     $16.47175055      (2.064)    70.878     1,167.48
Cumulative Total Returns without/with chrgs.                    20.64% A                            16.75% C
Avg. Annual Total Returns without/with chrgs.                    3.82% B                             3.15% D

                                       Templeton International Equity
12-31-94     Purchase                      $1,000.00      $12.12945216      82.444     82.444    $1,000.00
12-31-95     Contract Fee                      (1.00)     $13.21605786      (0.076)    82.368     1,088.58
12-31-96     Contract Fee                      (1.00)     $16.01035857      (0.062)    82.306     1,317.75
12-31-97     Contract Fee                      (1.00)     $17.61715343      (0.057)    82.249     1,448.99
12-31-98     Contract Fee                      (1.00)     $18.32204431      (0.055)    82.194     1,505.97
12-31-99     Contract Fee                      (1.00)     $22.85845398      (0.044)    82.151     1,877.84
12-31-99     Value before Surr Chg                        $22.85845398       0.000     82.151     1,877.84
12-31-99     Surrender Charge                 (34.00)     $22.85845398      (1.487)    80.663     1,843.84
Cumulative Total Returns without/with chrgs.                    88.45% A                            84.38% C
Avg. Annual Total Rtns. without/with chrgs.                     13.51% B                            13.02% D


                                          Templeton Pacific Growth
12-31-94     Purchase                      $1,000.00      $12.76818771      78.320     78.320    $1,000.00
12-31-95     Contract Fee                      (1.00)     $13.58246157      (0.074)    78.246     1,062.77
12-31-96     Contract Fee                      (1.00)     $14.86560901      (0.067)    78.179     1,162.17
12-31-97     Contract Fee                      (1.00)      $9.38089631      (0.107)    78.072       732.39
12-31-98     Contract Fee                      (1.00)      $8.02829857      (0.125)    77.948       625.79
12-31-99     Contract Fee                      (1.00)     $10.83777752      (0.092)    77.855       843.78
12-31-99     Value before Surr Chg                        $10.83777752       0.000     77.855       843.78
12-31-99     Surrender Charge                 (34.00)     $10.83777752      (3.137)    74.718       809.78
Cumulative Total Returns without/with chrgs.                   -15.12% A                           -19.02% C
Avg. Annual Total Rtns. without/with chrgs.                     -3.23% B                            -4.13% D

                                         U.S. Government Securities
12-31-94     Purchase                      $1,000.00      $13.76239537      72.662     72.662    $1,000.00
12-31-95     Contract Fee                      (1.00)     $16.19773372      (0.062)    72.600     1,175.96
12-31-96     Contract Fee                      (1.00)     $16.53304452      (0.060)    72.540     1,199.30
12-31-97     Contract Fee                      (1.00)     $17.80492179      (0.056)    72.483     1,290.56
12-31-98     Contract Fee                      (1.00)     $18.84665157      (0.053)    72.430     1,365.07
12-31-99     Contract Fee                      (1.00)     $18.39356716      (0.054)    72.376     1,331.25
12-31-99     Value before Surr Chg                        $18.39356716       0.000     72.376     1,331.25
12-31-99     Surrender Charge                 (34.00)     $18.39356716      (1.848)    70.527     1,297.25
Cumulative Total Returns without/with chrgs.                    33.65% A                            29.73% C
Avg. Annual Total Returns without/with chrgs.                    5.97% B                             5.34% D

                                         Global Utilties Securities
12-31-94     Purchase                      $1,000.00      $15.02348951      66.562     66.562    $1,000.00
12-31-95     Contract Fee                      (1.00)     $19.44283491      (0.051)    66.511     1,293.16
12-31-96     Contract Fee                      (1.00)     $20.52658248      (0.049)    66.462     1,364.24
12-31-97     Contract Fee                      (1.00)     $25.63546176      (0.039)    66.423     1,702.79
12-31-98     Contract Fee                      (1.00)     $28.08202457      (0.036)    66.388     1,864.30
12-31-99     Contract Fee                      (1.00)     $38.57166130      (0.026)    66.362     2,559.68
12-31-99     Value before Surr Chg                        $38.57166130       0.000     66.362     2,559.68
12-31-99     Surrender Charge                 (34.00)     $38.57166130      (0.881)    65.480     2,525.68
Cumulative Total Returns without/with chrgs.                   156.74% A                           152.57% C
Avg. Annual Total Returns without/with chrgs.                   20.75% B                            20.36% D

                                             Zero Coupon - 2000
12-31-94     Purchase                      $1,000.00      $15.29260574      65.391     65.391    $1,000.00
12-31-95     Contract Fee                      (1.00)     $18.18141100      (0.055)    65.336     1,187.90
12-31-96     Contract Fee                      (1.00)     $18.34477774      (0.055)    65.282     1,197.58
12-31-97     Contract Fee                      (1.00)     $19.35767222      (0.052)    65.230     1,262.70
12-31-98     Contract Fee                      (1.00)     $20.50196174      (0.049)    65.181     1,336.34
12-31-99     Contract Fee                      (1.00)     $20.81856477      (0.048)    65.133     1,355.98
12-31-99     Value before Surr Chg                        $20.81856477       0.000     65.133     1,355.98
12-31-99     Surrender Charge                 (34.00)     $20.81856477      (1.633)    63.500     1,321.98
Cumulative Total Returns without/with chrgs.                    36.13% A                            32.20% C
Avg. Annual Total Returns without/with chrgs.                    6.36% B                             5.74% D

                                             Zero Coupon - 2005
12-31-94     Purchase                      $1,000.00      $16.01393970      62.446     62.446    $1,000.00
12-31-95     Contract Fee                      (1.00)     $20.78832859      (0.048)    62.397     1,297.14
12-31-96     Contract Fee                      (1.00)     $20.37523353      (0.049)    62.348     1,270.36
12-31-97     Contract Fee                      (1.00)     $22.35667212      (0.045)    62.304     1,392.90
12-31-98     Contract Fee                      (1.00)     $24.78585655      (0.040)    62.263     1,543.25
12-31-99     Contract Fee                      (1.00)     $22.98336230      (0.044)    62.220     1,430.02
12-31-99     Value before Surr Chg                        $22.98336230       0.000     62.220     1,430.02
12-31-99     Surrender Charge                 (34.00)     $22.98336230      (1.479)    60.740     1,396.02
Cumulative Total Returns without/with chrgs.                    43.52% A                            39.60% C
Avg. Annual Total Returns without/with chrgs.                    7.49% B                             6.90% D

                                             Zero Coupon - 2010
12-31-94     Purchase                      $1,000.00      $15.84633119      63.106     63.106    $1,000.00
12-31-95     Contract Fee                      (1.00)     $22.29375904      (0.045)    63.061     1,405.87
12-31-96     Contract Fee                      (1.00)     $21.37105221      (0.047)    63.014     1,346.68
12-31-97     Contract Fee                      (1.00)     $24.54360878      (0.041)    62.974     1,545.60
12-31-98     Contract Fee                      (1.00)     $27.67407049      (0.036)    62.938     1,741.74
12-31-99     Contract Fee                      (1.00)     $23.92886562      (0.042)    62.896     1,505.02
12-31-99     Value before Surr Chg                        $23.92886562       0.000     62.896     1,505.02
12-31-99     Surrender Charge                 (34.00)     $23.92886562      (1.421)    61.475     1,471.02
Cumulative Total Returns without/with chrgs.                    51.01% A                            47.10% C
Avg. Annual Total Returns without/with chrgs.                    8.59% B                             8.02% D



<FN>
A = (Unit Value as of December 31, 1999 - Unit Value at Purchase)/Unit  Value at
Purchase B =  [(A+1)^(1/5  Years)]-1 C =  (Accumulated  Value as of December 31,
1999 - Accum. Value at Purch.)/Accum. Value at Purch.
D = [(C+1)^(1/5 Years)]-1
</FN>
</TABLE>

<TABLE>
<CAPTION>

                                                VALUEMARK(R) IV
                                       ALLIANZ LIFE VARIABLE ACCOUNT B
                           CUMULATIVE AND AVERAGE ANNUAL TOTAL RETURN CALCULATIONS

                                  ORIGINAL PURCHASE AS OF DECEMBER 31, 1989
                                   VALUATION DATE AS OF DECEMBER 31, 1999


                                          Dollar                       Units This    Accum.      Accum.
    Date            Transaction           Amount        Unit Value       Trans.      Units       Value
    ----            -----------           ------        ----------       ------      -----       -----


                                            Growth and Income
<S>          <C>                           <C>            <C>               <C>        <C>       <C>
12-31-89     Purchase                      $1,000.00      $10.17117733      98.317     98.317    $1,000.00
12-31-90     Contract Fee                      (1.00)      $9.78568211      (0.102)    98.215       961.10
12-31-91     Contract Fee                      (1.00)     $11.91776810      (0.084)    98.131     1,169.50
12-31-92     Contract Fee                      (1.00)     $12.52913900      (0.080)    98.051     1,228.50
12-31-93     Contract Fee                      (1.00)     $13.61630571      (0.073)    97.978     1,334.09
12-31-94     Contract Fee                      (1.00)     $13.14423327      (0.076)    97.902     1,286.84
12-31-95     Contract Fee                      (1.00)     $17.20200155      (0.058)    97.843     1,683.10
12-31-96     Contract Fee                      (1.00)     $19.35081369      (0.052)    97.792     1,892.35
12-31-97     Contract Fee                      (1.00)     $24.35403985      (0.041)    97.751     2,380.63
12-31-98     Contract Fee                      (1.00)     $25.99287759      (0.038)    97.712     2,539.82
12-31-99     Contract Fee                      (1.00)     $25.89127963      (0.039)    97.674     2,528.90
12-31-99     Value before Surr Chg                        $25.89127963       0.000     97.674     2,528.90
12-31-99     Surrender Charge                             $25.89127963       0.000     97.674     2,528.90
Cumulative Total Returns without/with chrgs.                   154.56% A                           152.89%
Avg. Annual Total Returns without/with chrgs.                    9.79% B                             9.72%

                                               High Income
12-31-89     Purchase                      $1,000.00      $10.01302492      99.870     99.870    $1,000.00
12-31-90     Contract Fee                      (1.00)      $9.00999996      (0.111)    99.759       898.83
12-31-91     Contract Fee                      (1.00)     $11.55232338      (0.087)    99.672     1,151.45
12-31-92     Contract Fee                      (1.00)     $13.23092335      (0.076)    99.597     1,317.76
12-31-93     Contract Fee                      (1.00)     $15.08792342      (0.066)    99.531     1,501.71
12-31-94     Contract Fee                      (1.00)     $14.52977464      (0.069)    99.462     1,445.16
12-31-95     Contract Fee                      (1.00)     $17.14451419      (0.058)    99.403     1,704.22
12-31-96     Contract Fee                      (1.00)     $19.23682686      (0.052)    99.351     1,911.21
12-31-97     Contract Fee                      (1.00)     $21.14081079      (0.047)    99.304     2,099.37
12-31-98     Contract Fee                      (1.00)     $21.01959301      (0.048)    99.256     2,086.33
12-31-99     Contract Fee                      (1.00)     $20.69510047      (0.048)    99.208     2,053.12
12-31-99     Value before Surr Chg                        $20.69510047       0.000     99.208     2,053.12
12-31-99     Surrender Charge                             $20.69510047       0.000     99.208     2,053.12
Cumulative Total Returns without/with chrgs.                   106.68% A                           105.31%
Avg. Annual Total Returns without/with chrgs.                    7.53% B                             7.46%

                                            Income Securities
12-31-89     Purchase                      $1,000.00      $10.77413342      92.815     92.815    $1,000.00
12-31-90     Contract Fee                      (1.00)      $9.82507230      (0.102)    92.713       910.91
12-31-91     Contract Fee                      (1.00)     $13.54447496      (0.074)    92.639     1,254.75
12-31-92     Contract Fee                      (1.00)     $15.10888772      (0.066)    92.573     1,398.68
12-31-93     Contract Fee                      (1.00)     $17.65574049      (0.057)    92.516     1,633.45
12-31-94     Contract Fee                      (1.00)     $16.30439562      (0.061)    92.455     1,507.42
12-31-95     Contract Fee                      (1.00)     $19.66228575      (0.051)    92.404     1,816.88
12-31-96     Contract Fee                      (1.00)     $21.55369456      (0.046)    92.358     1,990.65
12-31-97     Contract Fee                      (1.00)     $24.86373833      (0.040)    92.318     2,295.36
12-31-98     Contract Fee                      (1.00)     $24.89795747      (0.040)    92.277     2,297.52
12-31-99     Contract Fee                      (1.00)     $24.08442690      (0.042)    92.236     2,221.45
12-31-99     Value before Surr Chg                        $24.08442690       0.000     92.236     2,221.45
12-31-99     Surrender Charge                             $24.08442690       0.000     92.236     2,221.45
Cumulative Total Returns without/with chrgs.                   123.54% A                           122.15%
Avg. Annual Total Returns without/with chrgs.                    8.38% B                             8.31%

                                               Money Market
12-31-89     Purchase                      $1,000.00      $10.62941159      94.079     94.079    $1,000.00
12-31-90     Contract Fee                      (1.00)     $11.27022305      (0.089)    93.990     1,059.29
12-31-91     Contract Fee                      (1.00)     $11.71257195      (0.085)    93.904     1,099.86
12-31-92     Contract Fee                      (1.00)     $11.89167887      (0.084)    93.820     1,115.68
12-31-93     Contract Fee                      (1.00)     $12.01410752      (0.083)    93.737     1,126.17
12-31-94     Contract Fee                      (1.00)     $12.29002320      (0.081)    93.656     1,151.03
12-31-95     Contract Fee                      (1.00)     $12.80529257      (0.078)    93.578     1,198.29
12-31-96     Contract Fee                      (1.00)     $13.26609762      (0.075)    93.502     1,240.41
12-31-97     Contract Fee                      (1.00)     $13.75569800      (0.073)    93.430     1,285.19
12-31-98     Contract Fee                      (1.00)     $14.25958767      (0.070)    93.359     1,331.27
12-31-99     Contract Fee                      (1.00)     $14.71699526      (0.068)    93.292     1,372.97
12-31-99     Value before Surr Chg                        $14.71699526       0.000     93.292     1,372.97
12-31-99     Surrender Charge                             $14.71699526       0.000     93.292     1,372.97
Cumulative Total Returns without/with chrgs.                    38.46% A                            37.30%
Avg. Annual Total Returns without/with chrgs.                    3.31% B                             3.22%



                                       Natural Resources Securities
12-31-89     Purchase                      $1,000.00      $12.23704328      81.719     81.719    $1,000.00
12-31-90     Contract Fee                      (1.00)     $10.36932488      (0.096)    81.623       846.37
12-31-91     Contract Fee                      (1.00)     $10.60671167      (0.094)    81.528       864.75
12-31-92     Contract Fee                      (1.00)      $9.39103298      (0.106)    81.422       764.64
12-31-93     Contract Fee                      (1.00)     $14.39941891      (0.069)    81.352     1,171.43
12-31-94     Contract Fee                      (1.00)     $13.90432727      (0.072)    81.281     1,130.15
12-31-95     Contract Fee                      (1.00)     $14.02092182      (0.071)    81.209     1,138.63
12-31-96     Contract Fee                      (1.00)     $14.36439436      (0.070)    81.140     1,165.52
12-31-97     Contract Fee                      (1.00)     $11.46649607      (0.087)    81.052       929.39
12-31-98     Contract Fee                      (1.00)      $8.42970932      (0.119)    80.934       682.25
12-31-99     Contract Fee                      (1.00)     $10.98301490      (0.091)    80.843       887.90
12-31-99     Value before Surr Chg                        $10.98301490       0.000     80.843       887.90
12-31-99     Surrender Charge                             $10.98301490       0.000     80.843       887.90
Cumulative Total Returns without/with chrgs.                   -10.25% A                           -11.21%
Avg. Annual Total Returns without/with chrgs.                   -1.08% B                            -1.18%

                                          Real Estate Securities
12-31-89     Purchase                      $1,000.00      $10.35898333      96.535     96.535    $1,000.00
12-31-90     Contract Fee                      (1.00)      $8.98392795      (0.111)    96.423       866.26
12-31-91     Contract Fee                      (1.00)     $11.81685548      (0.085)    96.339     1,138.42
12-31-92     Contract Fee                      (1.00)     $13.04914908      (0.077)    96.262     1,256.14
12-31-93     Contract Fee                      (1.00)     $15.30083761      (0.065)    96.197     1,471.89
12-31-94     Contract Fee                      (1.00)     $15.51100005      (0.064)    96.132     1,491.11
12-31-95     Contract Fee                      (1.00)     $17.96041830      (0.056)    96.076     1,725.57
12-31-96     Contract Fee                      (1.00)     $23.49916899      (0.043)    96.034     2,256.72
12-31-97     Contract Fee                      (1.00)     $27.94367614      (0.036)    95.998     2,682.54
12-31-98     Contract Fee                      (1.00)     $22.90097471      (0.044)    95.954     2,197.45
12-31-99     Contract Fee                      (1.00)     $21.17644498      (0.047)    95.907     2,030.97
12-31-99     Value before Surr Chg                        $21.17644498       0.000     95.907     2,030.97
12-31-99     Surrender Charge                             $21.17644498       0.000     95.907     2,030.97
Cumulative Total Returns without/with chrgs.                   104.43% A                           103.10%
Avg. Annual Total Returns without/with chrgs.                    7.41% B                             7.34%




                                    Templeton Global Income Securities
12-31-89     Purchase                      $1,000.00      $10.80378700      92.560     92.560    $1,000.00
12-31-90     Contract Fee                      (1.00)     $11.68562859      (0.086)    92.475     1,080.62
12-31-91     Contract Fee                      (1.00)     $12.92781355      (0.077)    92.397     1,194.49
12-31-92     Contract Fee                      (1.00)     $12.68746730      (0.079)    92.318     1,171.29
12-31-93     Contract Fee                      (1.00)     $14.58489254      (0.069)    92.250     1,345.45
12-31-94     Contract Fee                      (1.00)     $13.65317533      (0.073)    92.177     1,258.50
12-31-95     Contract Fee                      (1.00)     $15.42592706      (0.065)    92.112     1,420.91
12-31-96     Contract Fee                      (1.00)     $16.66103106      (0.060)    92.052     1,533.68
12-31-97     Contract Fee                      (1.00)     $16.82084400      (0.059)    91.992     1,547.39
12-31-98     Contract Fee                      (1.00)     $17.74568378      (0.056)    91.936     1,631.47
12-31-99     Contract Fee                      (1.00)     $16.47175055      (0.061)    91.875     1,513.35
12-31-99     Value before Surr Chg                        $16.47175055       0.000     91.875     1,513.35
12-31-99     Surrender Charge                             $16.47175055       0.000     91.875     1,513.35
Cumulative Total Returns without/with chrgs.                    52.46% A                            51.33%
Avg. Annual Total Returns without/with chrgs.                    4.31% B                             4.23%




                                        U.S. Government Securities
12-31-89     Purchase                      $1,000.00      $10.41918956      95.977     95.977    $1,000.00
12-31-90     Contract Fee                      (1.00)     $11.18037289      (0.089)    95.887     1,072.06
12-31-91     Contract Fee                      (1.00)     $12.76496129      (0.078)    95.809     1,223.00
12-31-92     Contract Fee                      (1.00)     $13.53931957      (0.074)    95.735     1,296.19
12-31-93     Contract Fee                      (1.00)     $14.63435517      (0.068)    95.667     1,400.02
12-31-94     Contract Fee                      (1.00)     $13.76239537      (0.073)    95.594     1,315.60
12-31-95     Contract Fee                      (1.00)     $16.19773372      (0.062)    95.532     1,547.41
12-31-96     Contract Fee                      (1.00)     $16.53304452      (0.060)    95.472     1,578.44
12-31-97     Contract Fee                      (1.00)     $17.80492179      (0.056)    95.416     1,698.87
12-31-98     Contract Fee                      (1.00)     $18.84665157      (0.053)    95.363     1,797.27
12-31-99     Contract Fee                      (1.00)     $18.39356716      (0.054)    95.308     1,753.06
12-31-99     Value before Surr Chg                        $18.39356716       0.000     95.308     1,753.06
12-31-99     Surrender Charge                             $18.39356716       0.000     95.308     1,753.06
Cumulative Total Returns without/with chrgs.                    76.54% A                            75.31%
Avg. Annual Total Returns without/with chrgs.                    5.85% B                             5.77%

                                        Global Utilties Securities
12-31-89     Purchase                      $1,000.00      $11.99981466      83.335     83.335    $1,000.00
12-31-90     Contract Fee                      (1.00)     $12.04131448      (0.083)    83.252     1,002.46
12-31-91     Contract Fee                      (1.00)     $14.78233584      (0.068)    83.184     1,229.65
12-31-92     Contract Fee                      (1.00)     $15.83244652      (0.063)    83.121     1,316.01
12-31-93     Contract Fee                      (1.00)     $17.24200577      (0.058)    83.063     1,432.17
12-31-94     Contract Fee                      (1.00)     $15.02348951      (0.067)    82.996     1,246.89
12-31-95     Contract Fee                      (1.00)     $19.44283491      (0.051)    82.945     1,612.68
12-31-96     Contract Fee                      (1.00)     $20.52658248      (0.049)    82.896     1,701.57
12-31-97     Contract Fee                      (1.00)     $25.63546176      (0.039)    82.857     2,124.08
12-31-98     Contract Fee                      (1.00)     $28.08202457      (0.036)    82.821     2,325.79
12-31-99     Contract Fee                      (1.00)     $38.57166130      (0.026)    82.796     3,193.56
12-31-99     Value before Surr Chg                        $38.57166130       0.000     82.796     3,193.56
12-31-99     Surrender Charge                             $38.57166130       0.000     82.796     3,193.56
Cumulative Total Returns without/with chrgs.                   221.44% A                           219.36%
Avg. Annual Total Returns without/with chrgs.                   12.39% B                            12.31%

                                            Zero Coupon - 2000
12-31-89     Purchase                      $1,000.00      $10.95300003      91.299     91.299    $1,000.00
12-31-90     Contract Fee                      (1.00)     $11.42731532      (0.088)    91.212     1,042.30
12-31-91     Contract Fee                      (1.00)     $13.53555410      (0.074)    91.138     1,233.60
12-31-92     Contract Fee                      (1.00)     $14.54452031      (0.069)    91.069     1,324.56
12-31-93     Contract Fee                      (1.00)     $16.64474050      (0.060)    91.009     1,514.82
12-31-94     Contract Fee                      (1.00)     $15.29260574      (0.065)    90.944     1,390.76
12-31-95     Contract Fee                      (1.00)     $18.18141100      (0.055)    90.889     1,652.48
12-31-96     Contract Fee                      (1.00)     $18.34477774      (0.055)    90.834     1,666.33
12-31-97     Contract Fee                      (1.00)     $19.35767222      (0.052)    90.782     1,757.34
12-31-98     Contract Fee                      (1.00)     $20.50196174      (0.049)    90.734     1,860.22
12-31-99     Contract Fee                      (1.00)     $20.81856477      (0.048)    90.686     1,887.94
12-31-99     Value before Surr Chg                        $20.81856477       0.000     90.686     1,887.94
12-31-99     Surrender Charge                             $20.81856477       0.000     90.686     1,887.94
Cumulative Total Returns without/with chrgs.                    90.07% A                            88.79%
Avg. Annual Total Returns without/with chrgs.                    6.63% B                             6.56%

                                            Zero Coupon - 2005
12-31-89     Purchase                      $1,000.00      $11.39947414      87.723     87.723    $1,000.00
12-31-90     Contract Fee                      (1.00)     $11.52763908      (0.087)    87.637     1,010.24
12-31-91     Contract Fee                      (1.00)     $13.67194917      (0.073)    87.563     1,197.16
12-31-92     Contract Fee                      (1.00)     $14.92512949      (0.067)    87.496     1,305.90
12-31-93     Contract Fee                      (1.00)     $17.97404729      (0.056)    87.441     1,571.67
12-31-94     Contract Fee                      (1.00)     $16.01393970      (0.062)    87.378     1,399.27
12-31-95     Contract Fee                      (1.00)     $20.78832859      (0.048)    87.330     1,815.45
12-31-96     Contract Fee                      (1.00)     $20.37523353      (0.049)    87.281     1,778.37
12-31-97     Contract Fee                      (1.00)     $22.35667212      (0.045)    87.236     1,950.32
12-31-98     Contract Fee                      (1.00)     $24.78585655      (0.040)    87.196     2,161.23
12-31-99     Contract Fee                      (1.00)     $22.98336230      (0.044)    87.153     2,003.06
12-31-99     Value before Surr Chg                        $22.98336230       0.000     87.153     2,003.06
12-31-99     Surrender Charge                             $22.98336230       0.000     87.153     2,003.06
Cumulative Total Returns without/with chrgs.                   101.62% A                           100.31%
Avg. Annual Total Returns without/with chrgs.                    7.26% B                             7.19%

                                            Zero Coupon - 2010
12-31-89     Purchase                      $1,000.00      $11.47692512      87.131     87.131    $1,000.00
12-31-90     Contract Fee                      (1.00)     $11.37115980      (0.088)    87.043       989.78
12-31-91     Contract Fee                      (1.00)     $13.44790271      (0.074)    86.969     1,169.55
12-31-92     Contract Fee                      (1.00)     $14.61898218      (0.068)    86.901     1,270.40
12-31-93     Contract Fee                      (1.00)     $18.06559695      (0.055)    86.845     1,568.91
12-31-94     Contract Fee                      (1.00)     $15.84633119      (0.063)    86.782     1,375.18
12-31-95     Contract Fee                      (1.00)     $22.29375904      (0.045)    86.737     1,933.70
12-31-96     Contract Fee                      (1.00)     $21.37105221      (0.047)    86.691     1,852.67
12-31-97     Contract Fee                      (1.00)     $24.54360878      (0.041)    86.650     2,126.70
12-31-98     Contract Fee                      (1.00)     $27.67407049      (0.036)    86.614     2,396.95
12-31-99     Contract Fee                      (1.00)     $23.92886562      (0.042)    86.572     2,071.57
12-31-99     Value before Surr Chg                        $23.92886562       0.000     86.572     2,071.57
12-31-99     Surrender Charge                             $23.92886562       0.000     86.572     2,071.57
Cumulative Total Returns without/with chrgs.                   108.50% A                           107.16%
Avg. Annual Total Returns without/with chrgs.                    7.62% B                             7.55%




<FN>
A = (Unit Value as of December 31, 1999 - Unit Value at Purchase)/Unit  Value at
Purchase B = [(A+1)^(1/10  Years)]-1 C =  (Accumulated  Value as of December 31,
1999 - Accum. Value at Purch.)/Accum. Value at Purch.
D = [(C+1)^(1/10 Years)]-1
</FN>
</TABLE>

<TABLE>
<CAPTION>


                                 VALUEMARK(R) IV
                         ALLIANZ LIFE VARIABLE ACCOUNT B
             CUMULATIVE AND AVERAGE ANNUAL TOTAL RETURN CALCULATIONS

                  ORIGINAL PURCHASE AS OF SUB-ACCOUNT INCEPTION
                     VALUATION DATE AS OF DECEMBER 31, 1999


                                                Dollar                             Units This      Accum.         Accum.
      Date               Transaction            Amount           Unit Value          Trans.         Units          Value
      ----               -----------            ------           ----------          ------         -----          -----

                                 Capital Growth
<S>               <C>                             <C>                <C>                <C>           <C>           <C>
5-1-96            Purchase                        $1,000.00          $10.00000000       100.000       100.000       $1,000.00
5-1-97            Contract Fee                        (1.00)         $11.17227997        (0.090)       99.910       $1,116.23
5-1-98            Contract Fee                        (1.00)         $14.62013773        (0.068)       99.842       $1,459.71
5-1-99            Contract Fee                        (1.00)         $16.46083654        (0.061)       99.781       $1,642.48
12-31-99          Contract Fee                        (1.00)         $20.15175796        (0.050)       99.732       $2,009.77
12-31-99          Value before Surr Chg                              $20.15175796         0.000        99.732       $2,009.77
12-31-99          Surrender Charge                   (42.50)         $20.15175796        (2.109)       97.623       $1,967.27
Cumulative Total Returns without/with chgs.                               101.52% A                                    96.73% C
Avg. Annual Total Returns without/with chgs.                               21.05% B                                    20.26% D

                                Growth and Income
1-24-89           Purchase                        $1,000.00          $10.00000000       100.000       100.000       $1,000.00
1-24-90           Contract Fee                        (1.00)          $9.59756692        (0.104)       99.896          958.76
1-24-91           Contract Fee                        (1.00)         $10.03104257        (0.100)       99.796        1,001.06
1-24-92           Contract Fee                        (1.00)         $12.16171947        (0.082)       99.714        1,212.69
1-24-93           Contract Fee                        (1.00)         $12.57661487        (0.080)       99.634        1,253.06
1-24-94           Contract Fee                        (1.00)         $14.09886247        (0.071)       99.563        1,403.73
1-24-95           Contract Fee                        (1.00)         $13.27759299        (0.075)       99.488        1,320.96
1-24-96           Contract Fee                        (1.00)         $17.25393143        (0.058)       99.430        1,715.56
1-24-97           Contract Fee                        (1.00)         $19.79450666        (0.051)       99.380        1,967.17
1-24-98           Contract Fee                        (1.00)         $23.84479142        (0.042)       99.338        2,368.69
1-24-99           Contract Fee                        (1.00)         $25.33178429        (0.039)       99.298        2,515.40
12-31-99          Value before Surr Chg                              $25.89127963         0.000        99.298        2,570.96
12-31-99          Contract Fee                        (1.00)         $25.89127963        (0.039)       99.260        2,569.96
12-31-99          Surrender Charge                     0.00          $25.89127963         0.000        99.260        2,569.96
Cumulative Total Returns without/with chgs.                               158.91% A                                   157.00% C
Avg. Annual Total Returns without/with chgs.                                9.09% B                                     9.01% D

                                   High Income
1-24-89           Purchase                        $1,000.00          $10.00000000       100.000       100.000       $1,000.00
1-24-90           Contract Fee                        (1.00)          $9.98265449        (0.100)       99.900          997.27
1-24-91           Contract Fee                        (1.00)          $8.98103976        (0.111)       99.788          896.20
1-24-92           Contract Fee                        (1.00)         $11.85616038        (0.084)       99.704        1,182.11
1-24-93           Contract Fee                        (1.00)         $13.39874388        (0.075)       99.630        1,334.91
1-24-94           Contract Fee                        (1.00)         $15.29126669        (0.065)       99.564        1,522.46
1-24-95           Contract Fee                        (1.00)         $14.64571855        (0.068)       99.496        1,457.19
1-24-96           Contract Fee                        (1.00)         $17.40215300        (0.057)       99.438        1,730.44
1-24-97           Contract Fee                        (1.00)         $19.32656477        (0.052)       99.387        1,920.80
1-24-98           Contract Fee                        (1.00)         $21.32546077        (0.047)       99.340        2,118.47
1-24-99           Contract Fee                        (1.00)         $21.17467503        (0.047)       99.293        2,102.49
12-31-99          Value before Surr Chg                              $20.69510047         0.000        99.293        2,054.87
12-31-99          Contract Fee                        (1.00)         $20.69510047        (0.048)       99.244        2,053.87
12-31-99          Surrender Charge                     0.00          $20.69510047         0.000        99.244        2,053.87
Cumulative Total Returns without/with chgs.                               106.95% A                                   105.39% C
Avg. Annual Total Returns without/with chgs.                                6.87% B                                     6.80% D

                                Income Securities
1-24-89           Purchase                        $1,000.00          $10.00000000       100.000       100.000       $1,000.00
1-24-90           Contract Fee                        (1.00)         $10.70345941        (0.093)       99.907        1,069.35
1-24-91           Contract Fee                        (1.00)          $9.93454622        (0.101)       99.806          991.53
1-24-92           Contract Fee                        (1.00)         $13.99562082        (0.071)       99.734        1,395.85
1-24-93           Contract Fee                        (1.00)         $15.30544228        (0.065)       99.669        1,525.48
1-24-94           Contract Fee                        (1.00)         $17.64961404        (0.057)       99.612        1,758.12
1-24-95           Contract Fee                        (1.00)         $16.27638185        (0.061)       99.551        1,620.33
1-24-96           Contract Fee                        (1.00)         $20.08267334        (0.050)       99.501        1,998.25
1-24-97           Contract Fee                        (1.00)         $21.74528582        (0.046)       99.455        2,162.68
1-24-98           Contract Fee                        (1.00)         $24.54291374        (0.041)       99.415        2,439.92
1-24-99           Contract Fee                        (1.00)         $24.52276055        (0.041)       99.374        2,436.92
12-31-99          Value before Surr Chg                              $24.08442690         0.000        99.374        2,393.36
12-31-99          Contract Fee                        (1.00)         $24.08442690        (0.042)       99.332        2,392.36
12-31-99          Surrender Charge                     0.00          $24.08442690         0.000        99.332        2,392.36
Cumulative Total Returns without/with chgs.                               140.84% A                                   139.24% C
Avg. Annual Total Returns without/with chgs.                                8.37% B                                     8.30% D

                                  Money Market
1-24-89           Purchase                        $1,000.00          $10.00000000       100.000       100.000       $1,000.00
1-24-90           Contract Fee                        (1.00)         $10.67178511        (0.094)       99.906        1,066.18
1-24-91           Contract Fee                        (1.00)         $11.31010498        (0.088)       99.818        1,128.95
1-24-92           Contract Fee                        (1.00)         $11.72881708        (0.085)       99.733        1,169.75
1-24-93           Contract Fee                        (1.00)         $11.90009827        (0.084)       99.649        1,185.83
1-24-94           Contract Fee                        (1.00)         $12.02348344        (0.083)       99.565        1,197.12
1-24-95           Contract Fee                        (1.00)         $12.32338409        (0.081)       99.484        1,225.98
1-24-96           Contract Fee                        (1.00)         $12.84105599        (0.078)       99.406        1,276.48
1-24-97           Contract Fee                        (1.00)         $13.29676207        (0.075)       99.331        1,320.78
1-24-98           Contract Fee                        (1.00)         $13.78822114        (0.073)       99.259        1,368.60
1-24-99           Contract Fee                        (1.00)         $14.28684165        (0.070)       99.189        1,417.09
12-31-99          Value before Surr Chg                              $14.71699526         0.000        99.189        1,459.76
12-31-99          Contract Fee                        (1.00)         $14.71699526        (0.068)       99.121        1,458.76
12-31-99          Surrender Charge                     0.00          $14.71699526         0.000        99.121        1,458.76
Cumulative Total Returns without/with chgs.                                47.17% A                                    45.88% C
Avg. Annual Total Returns without/with chgs.                                3.60% B                                     3.51% D

                           Mutual Discovery Securities
11-8-96           Purchase                        $1,000.00          $10.00000000       100.000       100.000       $1,000.00
11-8-97           Contract Fee                        (1.00)         $11.82973739        (0.085)       99.915        1,181.97
11-8-98           Contract Fee                        (1.00)         $10.94138042        (0.091)       99.824        1,092.21
11-8-99           Contract Fee                        (1.00)         $12.36982650        (0.081)       99.743        1,233.81
12-31-99          Contract Fee                        (1.00)         $13.66196995        (0.073)       99.670        1,361.69
12-31-99          Value before Surr Chg                              $13.66196995         0.000        99.670        1,361.69
12-31-99          Surrender Charge                   (42.50)         $13.66196995        (3.111)       96.559        1,319.19
Cumulative Total Returns without/with chgs.                                36.62% A                                    31.92% C
Avg. Annual Total Returns without/with chgs.                               10.43% B                                     9.21% D


                            Mutual Shares Securities
11-8-96           Purchase                        $1,000.00          $10.00000000       100.000       100.000       $1,000.00
11-8-97           Contract Fee                        (1.00)         $11.75083052        (0.085)       99.915        1,174.08
11-8-98           Contract Fee                        (1.00)         $11.57328030        (0.086)       99.828        1,155.34
11-8-99           Contract Fee                        (1.00)         $12.80813793        (0.078)       99.750        1,277.62
12-31-99          Value before Surr Chg                              $13.19948692         0.000        99.750        1,316.65
12-31-99          Contract Fee                        (1.00)         $13.19948692        (0.076)       99.675        1,315.65
12-31-99          Surrender Charge                   (42.50)         $13.19948692        (3.220)       96.455        1,273.15
Cumulative Total Returns without/with chgs.                                31.99% A                                    27.32% C
Avg. Annual Total Returns without/with chgs.                                9.23% B                                     7.98% D

                          Natural Resources Securities
1-24-89           Purchase                        $1,000.00          $10.00000000       100.000       100.000       $1,000.00
1-24-90           Contract Fee                        (1.00)         $12.88562226        (0.078)       99.922        1,287.56
1-24-91           Contract Fee                        (1.00)          $9.76834317        (0.102)       99.820          975.08
1-24-92           Contract Fee                        (1.00)         $10.91292825        (0.092)       99.728        1,088.33
1-24-93           Contract Fee                        (1.00)          $9.12197464        (0.110)       99.619          908.72
1-24-94           Contract Fee                        (1.00)         $14.41516281        (0.069)       99.549        1,435.02
1-24-95           Contract Fee                        (1.00)         $12.96347704        (0.077)       99.472        1,289.51
1-24-96           Contract Fee                        (1.00)         $15.88612084        (0.063)       99.409        1,579.23
1-24-97           Contract Fee                        (1.00)         $13.72771013        (0.073)       99.336        1,363.66
1-24-98           Contract Fee                        (1.00)         $10.52200700        (0.095)       99.241        1,044.22
1-24-99           Contract Fee                        (1.00)          $8.19126066        (0.122)       99.119          811.91
12-31-99          Value before Surr Chg                              $10.98301490         0.000        99.119        1,088.63
12-31-99          Contract Fee                        (1.00)         $10.98301490        (0.091)       99.028        1,087.63
12-31-99          Surrender Charge                     0.00          $10.98301490         0.000        99.028        1,087.63
Cumulative Total Returns without/with chgs.                                 9.83% A                                     8.76% C
Avg. Annual Total Returns without/with chgs.                                0.86% B                                     0.77% D

                             Real Estate Securities
1-24-89           Purchase                        $1,000.00          $10.00000000       100.000       100.000       $1,000.00
1-24-90           Contract Fee                        (1.00)         $10.13076509        (0.099)       99.901        1,012.08
1-24-91           Contract Fee                        (1.00)          $9.36020172        (0.107)       99.794          934.10
1-24-92           Contract Fee                        (1.00)         $12.25114822        (0.082)       99.713        1,221.60
1-24-93           Contract Fee                        (1.00)         $13.49614031        (0.074)       99.639        1,344.74
1-24-94           Contract Fee                        (1.00)         $15.30618064        (0.065)       99.573        1,524.09
1-24-95           Contract Fee                        (1.00)         $14.92840438        (0.067)       99.506        1,485.47
1-24-96           Contract Fee                        (1.00)         $18.04447622        (0.055)       99.451        1,794.54
1-24-97           Contract Fee                        (1.00)         $23.78351943        (0.042)       99.409        2,364.29
1-24-98           Contract Fee                        (1.00)         $27.81930359        (0.036)       99.373        2,764.49
1-24-99           Contract Fee                        (1.00)         $22.54748470        (0.044)       99.329        2,239.61
12-31-99          Value before Surr Chg                              $21.17644498         0.000        99.329        2,103.43
12-31-99          Contract Fee                        (1.00)         $21.17644498        (0.047)       99.281        2,102.43
12-31-99          Surrender Charge                     0.00          $21.17644498         0.000        99.281        2,102.43
Cumulative Total Returns without/with chgs.                               111.76% A                                   110.24% C
Avg. Annual Total Returns without/with chgs.                                7.10% B                                     7.03% D

                                Rising Dividends
1-27-92           Purchase                        $1,000.00          $10.00000000       100.000       100.000       $1,000.00
1-27-93           Contract Fee                        (1.00)         $10.68876950        (0.094)       99.906        1,067.88
1-27-94           Contract Fee                        (1.00)         $10.36623339        (0.096)       99.810        1,034.65
1-27-95           Contract Fee                        (1.00)          $9.94675745        (0.101)       99.709          991.79
1-27-96           Contract Fee                        (1.00)         $12.48933274        (0.080)       99.629        1,244.30
1-27-97           Contract Fee                        (1.00)         $15.20870091        (0.066)       99.564        1,514.23
1-27-98           Contract Fee                        (1.00)         $19.73278049        (0.051)       99.513        1,963.67
1-27-99           Contract Fee                        (1.00)         $19.71148388        (0.051)       99.462        1,960.55
12-31-99          Value before Surr Chg                              $18.71235633         0.000        99.462        1,861.17
12-31-99          Contract Fee                        (1.00)         $18.71235633        (0.053)       99.409        1,860.17
12-31-99          Surrender Charge                     0.00          $18.71235633         0.000        99.409        1,860.17
Cumulative Total Returns without/with chgs.                                87.12% A                                    86.02% C
Avg. Annual Total Returns without/with chgs.                                8.22% B                                     8.14% D

                                    Small Cap
11-1-95           Purchase                        $1,000.00          $10.00000000       100.000       100.000       $1,000.00
11-1-96           Contract Fee                        (1.00)         $12.14713625        (0.082)       99.918        1,213.71
11-1-97           Contract Fee                        (1.00)         $15.53654825        (0.064)       99.853        1,551.38
11-1-98           Contract Fee                        (1.00)         $12.49929024        (0.080)       99.773        1,247.10
11-1-99           Contract Fee                        (1.00)         $19.88539111        (0.050)       99.723        1,983.03
12-31-99          Value before Surr Chg                              $28.24659725         0.000        99.723        2,816.84
12-31-99          Contract Fee                        (1.00)         $28.24659725        (0.035)       99.688        2,815.84
12-31-99          Surrender Charge                   (34.00)         $28.24659725        (1.204)       98.484        2,781.84
Cumulative Total Returns without/with chgs.                               182.47% A                                   178.18% C
Avg. Annual Total Returns without/with chgs.                               28.30% B                                    27.83% D

                       Templeton Developing Markets Equity
3-15-94           Purchase                        $1,000.00          $10.00000000       100.000       100.000       $1,000.00
3-15-95           Contract Fee                        (1.00)          $8.62058630        (0.116)       99.884          861.06
3-15-96           Contract Fee                        (1.00)         $10.27729571        (0.097)       99.787        1,025.54
3-15-97           Contract Fee                        (1.00)         $12.41978933        (0.081)       99.706        1,238.33
3-15-98           Contract Fee                        (1.00)         $10.51420276        (0.095)       99.611        1,047.33
3-15-99           Contract Fee                        (1.00)          $8.18678208        (0.122)       99.489          814.49
12-31-99          Value before Surr Chg                              $12.12450336         0.000        99.489        1,206.25
12-31-99          Contract Fee                        (1.00)         $12.12450336        (0.082)       99.406        1,205.25
12-31-99          Surrender Charge                   (25.50)         $12.12450336        (2.103)       97.303        1,179.75
Cumulative Total Returns without/with chgs.                                21.25% A                                    17.98% C
Avg. Annual Total Returns without/with chgs.                                3.38% B                                     2.89% D

                        Templeton Global Asset Allocation
5-1-95            Purchase                        $1,000.00          $10.00000000       100.000       100.000       $1,000.00
5-1-96            Contract Fee                        (1.00)         $11.24184599        (0.089)       99.911        1,123.18
5-1-97            Contract Fee                        (1.00)         $12.74937771        (0.078)       99.833        1,272.80
5-1-98            Contract Fee                        (1.00)         $14.95108178        (0.067)       99.766        1,491.61
5-1-99            Contract Fee                        (1.00)         $14.11534088        (0.071)       99.695        1,407.23
12-31-99          Value before Surr Chg                              $14.34717725         0.000        99.695        1,430.34
12-31-99          Contract Fee                        (1.00)         $14.34717725        (0.070)       99.625        1,429.34
12-31-99          Surrender Charge                   (34.00)         $14.34717725        (2.370)       97.255        1,395.34
Cumulative Total Returns without/with chgs.                                43.47% A                                    39.53% C
Avg. Annual Total Returns without/with chgs.                                8.03% B                                     7.39% D

                             Templeton Global Growth
3-15-94           Purchase                        $1,000.00          $10.00000000       100.000       100.000       $1,000.00
3-15-95           Contract Fee                        (1.00)         $10.09452231        (0.099)       99.901        1,008.45
3-15-96           Contract Fee                        (1.00)         $11.79417892        (0.085)       99.816        1,177.25
3-15-97           Contract Fee                        (1.00)         $14.06170230        (0.071)       99.745        1,402.58
3-15-98           Contract Fee                        (1.00)         $16.68243544        (0.060)       99.685        1,662.99
3-15-99           Contract Fee                        (1.00)         $16.12348021        (0.062)       99.623        1,606.27
12-31-99          Value before Surr Chg                              $19.36424346         0.000        99.623        1,929.13
12-31-99          Contract Fee                        (1.00)         $19.36424346        (0.052)       99.571        1,928.13
12-31-99          Surrender Charge                   (25.50)         $19.36424346        (1.317)       98.255        1,902.63
Cumulative Total Returns without/with chgs.                                93.64% A                                    90.26% C
Avg. Annual Total Returns without/with chgs.                               12.07% B                                    11.73% D

                       Templeton Global Income Securities
1-24-89           Purchase                        $1,000.00          $10.00000000       100.000       100.000       $1,000.00
1-24-90           Contract Fee                        (1.00)         $10.85157001        (0.092)       99.908        1,084.16
1-24-91           Contract Fee                        (1.00)         $11.76337661        (0.085)       99.823        1,174.25
1-24-92           Contract Fee                        (1.00)         $12.92541183        (0.077)       99.745        1,289.25
1-24-93           Contract Fee                        (1.00)         $12.75002133        (0.078)       99.667        1,270.76
1-24-94           Contract Fee                        (1.00)         $14.76765782        (0.068)       99.599        1,470.85
1-24-95           Contract Fee                        (1.00)         $13.50498150        (0.074)       99.525        1,344.09
1-24-96           Contract Fee                        (1.00)         $15.35232035        (0.065)       99.460        1,526.94
1-24-97           Contract Fee                        (1.00)         $16.46140335        (0.061)       99.399        1,636.25
1-24-98           Contract Fee                        (1.00)         $16.93462624        (0.059)       99.340        1,682.29
1-24-99           Contract Fee                        (1.00)         $17.81240927        (0.056)       99.284        1,768.49
12-31-99          Value before Surr Chg                              $16.47175055         0.000        99.284        1,635.38
12-31-99          Contract Fee                        (1.00)         $16.47175055        (0.061)       99.223        1,634.38
12-31-99          Surrender Charge                     0.00          $16.47175055         0.000        99.223        1,634.38
Cumulative Total Returns without/with chgs.                                64.72% A                                    63.44% C
Avg. Annual Total Returns without/with chgs.                                4.67% B                                     4.59% D

                         Templeton International Equity
1-27-92           Purchase                        $1,000.00          $10.00000000       100.000       100.000       $1,000.00
1-27-93           Contract Fee                        (1.00)          $9.53509236        (0.105)       99.895          952.51
1-27-94           Contract Fee                        (1.00)         $12.85431852        (0.078)       99.817        1,283.08
1-27-95           Contract Fee                        (1.00)         $11.91221607        (0.084)       99.733        1,188.05
1-27-96           Contract Fee                        (1.00)         $13.52801052        (0.074)       99.659        1,348.19
1-27-97           Contract Fee                        (1.00)         $16.14799023        (0.062)       99.598        1,608.30
1-27-98           Contract Fee                        (1.00)         $17.44491176        (0.057)       99.540        1,736.47
1-27-99           Contract Fee                        (1.00)         $17.72403072        (0.056)       99.484        1,763.25
12-31-99          Value before Surr Chg                              $22.85845398         0.000        99.484        2,274.05
12-31-99          Contract Fee                        (1.00)         $22.85845398        (0.044)       99.440        2,273.05
12-31-99          Surrender Charge                     0.00          $22.85845398         0.000        99.440        2,273.05
Cumulative Total Returns without/with chgs.                               128.58% A                                   127.30% C
Avg. Annual Total Returns without/with chgs.                               10.99% B                                    10.91% D

                    Templeton International Smaller Companies
5-1-96            Purchase                        $1,000.00          $10.00000000       100.000       100.000       $1,000.00
5-1-97            Contract Fee                        (1.00)         $11.32006145        (0.088)       99.912        1,131.01
5-1-98            Contract Fee                        (1.00)         $12.03423474        (0.083)       99.829        1,201.36
5-1-99            Contract Fee                        (1.00)         $10.34721028        (0.097)       99.732        1,031.95
12-31-99          Value before Surr Chg                              $11.40338804         0.000        99.732        1,137.28
12-31-99          Contract Fee                        (1.00)         $11.40338804        (0.088)       99.644        1,136.28
12-31-99          Surrender Charge                   (42.50)         $11.40338804        (3.727)       95.917        1,093.78
Cumulative Total Returns without/with chgs.                                14.03% A                                     9.38% C
Avg. Annual Total Returns without/with chgs.                                3.64% B                                     2.47% D

                            Templeton Pacific Growth
1-27-92           Purchase                        $1,000.00          $10.00000000       100.000       100.000       $1,000.00
1-27-93           Contract Fee                        (1.00)          $9.91965141        (0.101)       99.899          990.97
1-27-94           Contract Fee                        (1.00)         $14.07652865        (0.071)       99.828        1,405.23
1-27-95           Contract Fee                        (1.00)         $11.91556247        (0.084)       99.744        1,188.51
1-27-96           Contract Fee                        (1.00)         $14.44474860        (0.069)       99.675        1,439.78
1-27-97           Contract Fee                        (1.00)         $14.58766078        (0.069)       99.606        1,453.03
1-27-98           Contract Fee                        (1.00)          $8.42138869        (0.119)       99.488          837.82
1-27-99           Contract Fee                        (1.00)          $7.82724368        (0.128)       99.360          777.71
12-31-99          Value before Surr Chg                              $10.83777752         0.000        99.360        1,076.84
12-31-99          Contract Fee                        (1.00)         $10.83777752        (0.092)       99.268        1,075.84
12-31-99          Surrender Charge                     0.00          $10.83777752         0.000        99.268        1,075.84
Cumulative Total Returns without/with chgs.                                 8.38% A                                     7.58% C
Avg. Annual Total Returns without/with chgs.                                1.02% B                                     0.93% D

                           U.S. Government Securities
3-14-89           Purchase                        $1,000.00          $10.00000000       100.000       100.000       $1,000.00
3-14-90           Contract Fee                        (1.00)         $10.29864074        (0.097)       99.903        1,028.86
3-14-91           Contract Fee                        (1.00)         $11.44148140        (0.087)       99.815        1,142.04
3-14-92           Contract Fee                        (1.00)         $12.36677937        (0.081)       99.735        1,233.40
3-14-93           Contract Fee                        (1.00)         $14.05074266        (0.071)       99.663        1,400.35
3-14-94           Contract Fee                        (1.00)         $14.20297756        (0.070)       99.593        1,414.52
3-14-95           Contract Fee                        (1.00)         $14.59412892        (0.069)       99.525        1,452.47
3-14-96           Contract Fee                        (1.00)         $15.82460547        (0.063)       99.461        1,573.94
3-14-97           Contract Fee                        (1.00)         $16.60622197        (0.060)       99.401        1,650.68
3-14-98           Contract Fee                        (1.00)         $18.04599170        (0.055)       99.346        1,792.79
3-14-99           Contract Fee                        (1.00)         $18.76504555        (0.053)       99.292        1,863.23
12-31-99          Value before Surr Chg                              $18.39356716         0.000        99.292        1,826.34
12-31-99          Contract Fee                        (1.00)         $18.39356716        (0.054)       99.238        1,825.34
12-31-99          Surrender Charge                     0.00          $18.39356716         0.000        99.238        1,825.34
Cumulative Total Returns without/with chgs.                                83.94% A                                    82.53% C
Avg. Annual Total Returns without/with chgs.                                5.80% B                                     5.73% D

                           Global Utilities Securities
1-24-89           Purchase                        $1,000.00          $10.00000000       100.000       100.000       $1,000.00
1-24-90           Contract Fee                        (1.00)         $11.47363453        (0.087)       99.913        1,146.36
1-24-91           Contract Fee                        (1.00)         $11.95102656        (0.084)       99.829        1,193.06
1-24-92           Contract Fee                        (1.00)         $14.20139407        (0.070)       99.759        1,416.71
1-24-93           Contract Fee                        (1.00)         $15.91822229        (0.063)       99.696        1,586.98
1-24-94           Contract Fee                        (1.00)         $16.43119760        (0.061)       99.635        1,637.12
1-24-95           Contract Fee                        (1.00)         $15.48692698        (0.065)       99.571        1,542.04
1-24-96           Contract Fee                        (1.00)         $19.69346882        (0.051)       99.520        1,959.89
1-24-97           Contract Fee                        (1.00)         $20.83359223        (0.048)       99.472        2,072.35
1-24-98           Contract Fee                        (1.00)         $25.00670659        (0.040)       99.432        2,486.46
1-24-99           Contract Fee                        (1.00)         $27.85091832        (0.036)       99.396        2,768.27
12-31-99          Value before Surr Chg                              $38.57166130         0.000        99.396        3,833.86
12-31-99          Contract Fee                        (1.00)         $38.57166130        (0.026)       99.370        3,832.86
12-31-99          Surrender Charge                     0.00          $38.57166130         0.000        99.370        3,832.86
Cumulative Total Returns without/with chgs.                               285.72% A                                   283.29% C
Avg. Annual Total Returns without/with chgs.                               13.13% B                                    13.07% D

                               Zero Coupon - 2000
3-14-89           Purchase                        $1,000.00          $10.00000000       100.000       100.000       $1,000.00
3-14-90           Contract Fee                        (1.00)         $10.37748201        (0.096)       99.904        1,036.75
3-14-91           Contract Fee                        (1.00)         $11.49325260        (0.087)       99.817        1,147.22
3-14-92           Contract Fee                        (1.00)         $12.63019476        (0.079)       99.737        1,259.70
3-14-93           Contract Fee                        (1.00)         $15.48457708        (0.065)       99.673        1,543.39
3-14-94           Contract Fee                        (1.00)         $15.97181577        (0.063)       99.610        1,590.96
3-14-95           Contract Fee                        (1.00)         $16.16440029        (0.062)       99.548        1,609.14
3-14-96           Contract Fee                        (1.00)         $17.74484226        (0.056)       99.492        1,765.47
3-14-97           Contract Fee                        (1.00)         $18.31427141        (0.055)       99.437        1,821.12
3-14-98           Contract Fee                        (1.00)         $19.60681587        (0.051)       99.386        1,948.65
3-14-99           Contract Fee                        (1.00)         $20.49783627        (0.049)       99.338        2,036.21
12-31-99          Value before Surr Chg                              $20.81856477         0.000        99.338        2,068.07
12-31-99          Contract Fee                        (1.00)         $20.81856477        (0.048)       99.290        2,067.07
12-31-99          Surrender Charge                     0.00          $20.81856477         0.000        99.290        2,067.07
Cumulative Total Returns without/with chgs.                               108.19% A                                   106.71% C
Avg. Annual Total Returns without/with chgs.                                7.02% B                                     6.95% D

                               Zero Coupon - 2005
3-14-89           Purchase                        $1,000.00          $10.00000000       100.000       100.000       $1,000.00
3-14-90           Contract Fee                        (1.00)         $10.38882453        (0.096)       99.904        1,037.88
3-14-91           Contract Fee                        (1.00)         $11.53456820        (0.087)       99.817        1,151.35
3-14-92           Contract Fee                        (1.00)         $12.62819047        (0.079)       99.738        1,259.51
3-14-93           Contract Fee                        (1.00)         $16.36793990        (0.061)       99.677        1,631.50
3-14-94           Contract Fee                        (1.00)         $16.86182251        (0.059)       99.617        1,679.73
3-14-95           Contract Fee                        (1.00)         $17.12592868        (0.058)       99.559        1,705.04
3-14-96           Contract Fee                        (1.00)         $19.37651757        (0.052)       99.507        1,928.11
3-14-97           Contract Fee                        (1.00)         $20.04125698        (0.050)       99.458        1,993.25
3-14-98           Contract Fee                        (1.00)         $22.73556936        (0.044)       99.414        2,260.22
3-14-99           Contract Fee                        (1.00)         $24.04541704        (0.042)       99.372        2,389.44
12-31-99          Value before Surr Chg                              $22.98336230         0.000        99.372        2,283.90
12-31-99          Contract Fee                        (1.00)         $22.98336230        (0.044)       99.328        2,282.90
12-31-99          Surrender Charge                     0.00          $22.98336230         0.000        99.328        2,282.90
Cumulative Total Returns without/with chgs.                               129.83% A                                   128.29% C
Avg. Annual Total Returns without/with chgs.                                8.01% B                                     7.94% D

                               Zero Coupon - 2010
3-14-89           Purchase                        $1,000.00          $10.00000000       100.000       100.000       $1,000.00
3-14-90           Contract Fee                        (1.00)         $10.25922011        (0.097)       99.903        1,024.92
3-14-91           Contract Fee                        (1.00)         $11.34740047        (0.088)       99.814        1,132.63
3-14-92           Contract Fee                        (1.00)         $12.25923536        (0.082)       99.733        1,222.65
3-14-93           Contract Fee                        (1.00)         $16.12714811        (0.062)       99.671        1,607.41
3-14-94           Contract Fee                        (1.00)         $16.82866376        (0.059)       99.611        1,676.33
3-14-95           Contract Fee                        (1.00)         $17.03620553        (0.059)       99.553        1,696.00
3-14-96           Contract Fee                        (1.00)         $19.87163939        (0.050)       99.502        1,977.28
3-14-97           Contract Fee                        (1.00)         $20.61421426        (0.049)       99.454        2,050.16
3-14-98           Contract Fee                        (1.00)         $24.97939657        (0.040)       99.414        2,483.30
3-14-99           Contract Fee                        (1.00)         $26.34826167        (0.038)       99.376        2,618.38
12-31-99          Value before Surr Chg                              $23.92886562         0.000        99.376        2,377.95
12-31-99          Contract Fee                        (1.00)         $23.92886562        (0.042)       99.334        2,376.95
12-31-99          Surrender Charge                     0.00          $23.92886562         0.000        99.334        2,376.95
Cumulative Total Returns without/with chgs.                               139.29% A                                   137.70% C
Avg. Annual Total Returns without/with chgs.                                8.41% B                                     8.34% D

                          Global Health Care Securities
5-1-98            Purchase                        $1,000.00          $10.00000000       100.000       100.000       $1,000.00
5-1-99            Contract Fee                        (1.00)          $8.68990569        (0.115)       99.885          867.99
12-31-99          Value before Surr Chg                               $9.60095883         0.000        99.885          958.99
12-31-99          Contract Fee                        (1.00)          $9.60095883        (0.104)       99.781          957.99
12-31-99          Surrender Charge                   (51.00)          $9.60095883        (5.312)       94.469          906.99
Cumulative Total Returns without/with chgs.                                -3.99% A                                    -9.30% C
Avg. Annual Total Returns without/with chgs.                               -2.41% B                                    -5.68% D

                                Value Securities
5-1-98            Purchase                        $1,000.00          $10.00000000       100.000       100.000       $1,000.00
5-1-99            Contract Fee                        (1.00)          $7.78347562        (0.128)       99.872          777.35
12-31-99          Value before Surr Chg                               $7.72414690         0.000        99.872          771.42
12-31-99          Contract Fee                        (1.00)          $7.72414690        (0.129)       99.742          770.42
12-31-99          Surrender Charge                   (51.00)          $7.72414690        (6.603)       93.139          719.42
Cumulative Total Returns without/with chgs.                               -22.76% A                                   -28.06% C
Avg. Annual Total Returns without/with chgs.                              -14.34% B                                   -17.91% D

                                  AIM VI Growth
11-11-99          Purchase                        $1,000.00          $10.00000000       100.000       100.000       $1,000.00
12-31-99          Value before Surr Chg                              $11.08271472         0.000       100.000        1,108.27
12-31-99          Contract Fee                        (1.00)         $11.08271472        (0.090)       99.910        1,107.27
12-31-99          Surrender Charge                   (51.00)         $11.08271472        (4.602)       95.308        1,056.27
Cumulative Total Returns without/with chgs.                                10.83% A                                     5.63% C
Avg. Annual Total Returns without/with chgs.                              111.80% B                                    49.13% D

                                  Alger Growth
11-11-99          Purchase                        $1,000.00          $10.00000000       100.000       100.000       $1,000.00
12-31-99          Value before Surr Chg                              $10.92108158         0.000       100.000        1,092.11
12-31-99          Contract Fee                        (1.00)         $10.92108158        (0.092)       99.908        1,091.11
12-31-99          Surrender Charge                   (51.00)         $10.92108158        (4.670)       95.239        1,040.11
Cumulative Total Returns without/with chgs.                                 9.21% A                                     4.01% C
Avg. Annual Total Returns without/with chgs.                               90.26% B                                    33.25% D

                             Alger Leveraged All Cap
11-11-99          Purchase                        $1,000.00          $10.00000000       100.000       100.000       $1,000.00
12-31-99          Value before Surr Chg                              $12.15884690         0.000       100.000        1,215.88
12-31-99          Contract Fee                        (1.00)         $12.15884690        (0.082)       99.918        1,214.88
12-31-99          Surrender Charge                   (51.00)         $12.15884690        (4.194)       95.723        1,163.88
Cumulative Total Returns without/with chgs.                                21.59% A                                    16.39% C
Avg. Annual Total Returns without/with chgs.                              316.60% B                                   202.79% D

                                  S&P 500 Index
11-11-99          Purchase                        $1,000.00          $10.00000000       100.000       100.000       $1,000.00
12-31-99          Value before Surr Chg                              $10.46521066         0.000       100.000        1,046.52
12-31-99          Contract Fee                        (1.00)         $10.46521066        (0.096)       99.904        1,045.52
12-31-99          Surrender Charge                   (51.00)         $10.46521066        (4.873)       95.031          994.52
Cumulative Total Returns without/with chgs.                                 4.65% A                                    -0.55% C
Avg. Annual Total Returns without/with chgs.                               39.37% B                                    -3.93% D

                                   USA Growth
11-11-99          Purchase                        $1,000.00          $10.00000000       100.000       100.000       $1,000.00
12-31-99          Value before Surr Chg                              $10.73129415         0.000       100.000        1,073.13
12-31-99          Contract Fee                        (1.00)         $10.73129415        (0.093)       99.907        1,072.13
12-31-99          Surrender Charge                   (51.00)         $10.73129415        (4.752)       95.154        1,021.13
Cumulative Total Returns without/with chgs.                                 7.31% A                                     2.11% C
Avg. Annual Total Returns without/with chgs.                               67.40% B                                    16.49% D

                                USA Fixed Income
11-11-99          Purchase                        $1,000.00          $10.00000000       100.000       100.000       $1,000.00
12-31-99          Value before Surr Chg                               $9.74938735         0.000       100.000          974.94
12-31-99          Contract Fee                        (1.00)          $9.74938735        (0.103)       99.897          973.94
12-31-99          Surrender Charge                   (51.00)          $9.74938735        (5.231)       94.666          922.94
Cumulative Total Returns without/with chgs.                                -2.51% A                                    -7.71% C
Avg. Annual Total Returns without/with chgs.                              -16.91% B                                   -44.31% D

                              USA Diversified Asset
11-11-99          Purchase                        $1,000.00          $10.00000000       100.000       100.000       $1,000.00
12-31-99          Value before Surr Chg                              $10.16846617         0.000       100.000        1,016.85
12-31-99          Contract Fee                        (1.00)         $10.16846617        (0.098)       99.902        1,015.85
12-31-99          Surrender Charge                   (51.00)         $10.16846617        (5.016)       94.886          964.85
Cumulative Total Returns without/with chgs.                                 1.68% A                                    -3.52% C
Avg. Annual Total Returns without/with chgs.                               12.97% B                                   -22.99% D

<FN>
A = (Unit Value as of December 31, 1999 - Unit Value at Purchase)/Unit  Value at
Purchase B = [(A+1)^(1/Years  since  Inception)]-1 C = (Accumulated  Value as of
December 31, 1999 - Accum. Value at Purch.)/Accum. Value at Purch.
D = [(C+1)^(1/Years since Inception)]-1
</FN>
</TABLE>