<TABLE>
                                         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          $15.57416691      64.209      64.209    $1,000.00
12-31-99      Contract Fee                     (1.00)          20.21840693      (0.049)     64.159     1,297.20
12-31-99      Value before Surr Chg                            20.21840693       0.000      64.159     1,297.20
12-31-99      Surrender Charge                (42.50)          20.21840693      (2.102)     62.057     1,254.70
Cumulative and Average Annual Total Returns
              without/with charges                                  29.82% A                             25.47% B

                                                Growth and Income
12-31-98      Purchase                     $1,000.00          $26.22646854      38.129      38.129    $1,000.00
12-31-99      Contract Fee                     (1.00)          26.14748139      (0.038)     38.091       995.99
12-31-99      Value before Surr Chg                            26.14748139       0.000      38.091       995.99
12-31-99      Surrender Charge                (42.50)          26.14748139      (1.625)     36.466       953.49
Cumulative and Average Annual Total Returns
              without/with charges                                  -0.30% A                             -4.65% B

                                                   High Income
12-31-98      Purchase                     $1,000.00          $21.20849040      47.151      47.151    $1,000.00
12-31-99      Contract Fee                     (1.00)          20.89988452      (0.048)     47.103       984.45
12-31-99      Value before Surr Chg                            20.89988452       0.000      47.103       984.45
12-31-99      Surrender Charge                (42.50)          20.89988452      (2.034)     45.070       941.95
Cumulative and Average Annual Total Returns
              without/with charges                                  -1.46% A                             -5.81% B

                                                Income Securities
12-31-98      Purchase                     $1,000.00          $25.12170867      39.806      39.806    $1,000.00
12-31-99      Contract Fee                     (1.00)          24.32274932      (0.041)     39.765       967.20
12-31-99      Value before Surr Chg                            24.32274932       0.000      39.765       967.20
12-31-99      Surrender Charge                (42.50)          24.32274932      (1.747)     38.018       924.70
Cumulative and Average Annual Total Returns
              without/with charges                                  -3.18% A                             -7.53% B

                                                   Money Market
12-31-98      Purchase                     $1,000.00          $14.38555424      69.514      69.514    $1,000.00
12-31-99      Contract Fee                     (1.00)          14.86037176      (0.067)     69.447     1,032.01
12-31-99      Value before Surr Chg                            14.86037176       0.000      69.447     1,032.01
12-31-99      Surrender Charge                (42.50)          14.86037176      (2.860)     66.587       989.51
Cumulative and Average Annual Total Returns
              without/with charges                                   3.30% A                             -1.05% B

                                           Mutual Discovery Securities
12-31-98      Purchase                     $1,000.00          $11.22622113      89.077      89.077    $1,000.00
12-31-99      Contract Fee                     (1.00)          13.70059906      (0.073)     89.004     1,219.41
12-31-99      Value before Surr Chg                            13.70059906       0.000      89.004     1,219.41
12-31-99      Surrender Charge                (42.50)          13.70059906      (3.102)     85.902     1,176.91
Cumulative and Average Annual Total Returns
              without/with charges                                  22.04%                               17.69%

                                             Mutual Shares Securities
12-31-98      Purchase                     $1,000.00          $11.83677406      84.482      84.482    $1,000.00
12-31-99      Contract Fee                     (1.00)          13.23680837      (0.076)     84.407     1,117.28
12-31-99      Value before Surr Chg                            13.23680837       0.000      84.407     1,117.28
12-31-99      Surrender Charge                (42.50)          13.23680837      (3.211)     81.196     1,074.78
Cumulative and Average Annual Total Returns
              without/with charges                                  11.83%                                7.48%

                                           Natural Resource Securities
12-31-98      Purchase                     $1,000.00           $8.50546484     117.571     117.571    $1,000.00
12-31-99      Contract Fee                     (1.00)          11.09169503      (0.090)    117.481     1,303.07
12-31-99      Value before Surr Chg                            11.09169503       0.000     117.481     1,303.07
12-31-99      Surrender Charge                (42.50)          11.09169503      (3.832)    113.650     1,260.57
Cumulative and Average Annual Total Returns
              without/with charges                                  30.41% A                             26.06% B

                                              Real Estate Securities
12-31-98      Purchase                     $1,000.00          $23.10677956      43.277      43.277    $1,000.00
12-31-99      Contract Fee                     (1.00)          21.38599208      (0.047)     43.231       924.53
12-31-99      Value before Surr Chg                            21.38599208       0.000      43.231       924.53
12-31-99      Surrender Charge                (42.50)          21.38599208      (1.987)     41.243       882.03
Cumulative and Average Annual Total Returns
              without/with charges                                  -7.45% A                            -11.80% B

                                                 Rising Dividends
12-31-98      Purchase                     $1,000.00          $21.16548977      47.247      47.247    $1,000.00
12-31-99      Contract Fee                     (1.00)          18.84623514      (0.053)     47.194       889.42
12-31-99      Value before Surr Chg                            18.84623514       0.000      47.194       889.42
12-31-99      Surrender Charge                (42.50)          18.84623514      (2.255)     44.939       846.92
Cumulative and Average Annual Total Returns
              without/with charges                                 -10.96% A                            -15.31% B

                                                    Small Cap
12-31-98      Purchase                     $1,000.00          $14.59958077      68.495      68.495    $1,000.00
12-31-99      Contract Fee                     (1.00)          28.35274064      (0.035)     68.460     1,941.02
12-31-99      Value before Surr Chg                            28.35274064       0.000      68.460     1,941.02
12-31-99      Surrender Charge                (42.50)          28.35274064      (1.499)     66.961     1,898.52
Cumulative and Average Annual Total Returns
              without/with charges                                  94.20%                               89.85%

                                       Templeton Developing Markets Equity
12-31-98      Purchase                     $1,000.00           $7.99263591     125.115     125.115    $1,000.00
12-31-99      Contract Fee                     (1.00)          12.18796363      (0.082)    125.033     1,523.90
12-31-99      Value before Surr Chg                            12.18796363       0.000     125.033     1,523.90
12-31-99      Surrender Charge                (42.50)          12.18796363      (3.487)    121.546     1,481.40
Cumulative and Average Annual Total Returns
              without/with charges                                  52.49% A                             48.14% B

                                        Templeton Global Asset Allocation
12-31-98      Purchase                     $1,000.00          $13.58859831      73.591      73.591    $1,000.00
12-31-99      Contract Fee                     (1.00)          14.40812335      (0.069)     73.522     1,059.31
12-31-99      Value before Surr Chg                            14.40812335       0.000      73.522     1,059.31
12-31-99      Surrender Charge                (42.50)          14.40812335      (2.950)     70.572     1,016.81
Cumulative and Average Annual Total Returns
              without/with charges                                   6.03% A                              1.68% B

                                             Templeton Global Growth
12-31-98      Purchase                     $1,000.00          $16.30853286      61.318      61.318    $1,000.00
12-31-99      Contract Fee                     (1.00)          19.46559691      (0.051)     61.266     1,192.58
12-31-99      Value before Surr Chg                            19.46559691       0.000      61.266     1,192.58
12-31-99      Surrender Charge                (42.50)          19.46559691      (2.183)     59.083     1,150.08
Cumulative and Average Annual Total Returns
              without/with charges                                  19.36% A                             15.01% B

                                        Templeton Global Income Securities
12-31-98      Purchase                     $1,000.00          $17.90515943      55.850      55.850    $1,000.00
12-31-99      Contract Fee                     (1.00)          16.63474333      (0.060)     55.790       928.05
12-31-99      Value before Surr Chg                            16.63474333       0.000      55.790       928.05
12-31-99      Surrender Charge                (42.50)          16.63474333      (2.555)     53.235       885.55
Cumulative and Average Annual Total Returns
              without/with charges                                  -7.10% A                            -11.45% B

                                          Templeton International Equity
12-31-98      Purchase                     $1,000.00          $18.43652906      54.240      54.240    $1,000.00
12-31-99      Contract Fee                     (1.00)          23.02199633      (0.043)     54.197     1,247.72
12-31-99      Value before Surr Chg                            23.02199633       0.000      54.197     1,247.72
12-31-99      Surrender Charge                (42.50)          23.02199633      (1.846)     52.351     1,205.22
Cumulative and Average Annual Total Returns
              without/with charges                                  24.87% A                             20.52% B

                                    Templeton International Smaller Companies
12-31-98      Purchase                     $1,000.00           $9.36443942     106.787     106.787    $1,000.00
12-31-99      Contract Fee                     (1.00)          11.44110306      (0.087)    106.700     1,220.76
12-31-99      Value before Surr Chg                            11.44110306       0.000     106.700     1,220.76
12-31-99      Surrender Charge                (42.50)          11.44110306      (3.715)    102.985     1,178.26
Cumulative and Average Annual Total Returns
              without/with charges                                  22.18% A                             17.83% B

                                             Templeton Pacific Growth
12-31-98      Purchase                     $1,000.00           $8.07846316     123.786     123.786    $1,000.00
12-31-99      Contract Fee                     (1.00)          10.91531713      (0.092)    123.694     1,350.16
12-31-99      Value before Surr Chg                            10.91531713       0.000     123.694     1,350.16
12-31-99      Surrender Charge                (42.50)          10.91531713      (3.894)    119.801     1,307.66
Cumulative and Average Annual Total Returns
              without/with charges                                  35.12% A                             30.77% B

                                            U.S. Government Securities
12-31-98      Purchase                     $1,000.00          $19.01438042      52.592      52.592    $1,000.00
12-31-99      Contract Fee                     (1.00)          18.57397398      (0.054)     52.538       975.84
12-31-99      Value before Surr Chg                            18.57397398       0.000      52.538       975.84
12-31-99      Surrender Charge                (42.50)          18.57397398      (2.288)     50.250       933.34
Cumulative and Average Annual Total Returns
              without/with charges                                  -2.32% A                             -6.67% B

                                                  Utility Equity
12-31-98      Purchase                     $1,000.00          $28.30779835      35.326      35.326    $1,000.00
12-31-99      Contract Fee                     (1.00)          38.91678151      (0.026)     35.300     1,373.77
12-31-99      Value before Surr Chg                            38.91678151       0.000      35.300     1,373.77
12-31-99      Surrender Charge                (42.50)          38.91678151      (1.092)     34.208     1,331.27
Cumulative and Average Annual Total Returns
              without/with charges                                  37.48% A                             33.13% B

                                                Zero Coupon - 2000
12-31-98      Purchase                     $1,000.00          $20.68442229      48.346      48.346    $1,000.00
12-31-99      Contract Fee                     (1.00)          21.02275632      (0.048)     48.298     1,015.36
12-31-99      Value before Surr Chg                            21.02275632       0.000      48.298     1,015.36
12-31-99      Surrender Charge                (42.50)          21.02275632      (2.022)     46.276       972.86
Cumulative and Average Annual Total Returns
              without/with charges                                   1.64% A                             -2.71% B

                                                Zero Coupon - 2005
12-31-98      Purchase                     $1,000.00          $25.00286219      39.995      39.995    $1,000.00
12-31-99      Contract Fee                     (1.00)          23.20546373      (0.043)     39.952       927.11
12-31-99      Value before Surr Chg                            23.20546373       0.000      39.952       927.11
12-31-99      Surrender Charge                (42.50)          23.20546373      (1.831)     38.121       884.61
Cumulative and Average Annual Total Returns
              without/with charges                                  -7.19% A                            -11.54% B

                                                Zero Coupon - 2010
12-31-98      Purchase                     $1,000.00          $27.92036039      35.816      35.816    $1,000.00
12-31-99      Contract Fee                     (1.00)          24.16356346      (0.041)     35.775       864.45
12-31-99      Value before Surr Chg                            24.16356346       0.000      35.775       864.45
12-31-99      Surrender Charge                (42.50)          24.16356346      (1.759)     34.016       821.95
Cumulative and Average Annual Total Returns
              without/with charges                                 -13.46% A                            -17.81% B

                                          Global Health Care Securities
12-31-98      Purchase                     $1,000.00          $10.61022997      94.249      94.249    $1,000.00
12-31-99      Contract Fee                     (1.00)           9.61538796      (0.104)     94.145       905.24
12-31-99      Value before Surr Chg                             9.61538796       0.000      94.145       905.24
12-31-99      Surrender Charge                (42.50)           9.61538796      (4.420)     89.725       862.74
Cumulative and Average Annual Total Returns
              without/with charges                                  -9.38% A                            -13.73% B

                                                 Value Securities
12-31-98      Purchase                     $1,000.00           $7.71743151     129.577     129.577    $1,000.00
12-31-99      Contract Fee                     (1.00)           7.73575540      (0.129)    129.448     1,001.37
12-31-99      Value before Surr Chg                             7.73575540       0.000     129.448     1,001.37
12-31-99      Surrender Charge                (42.50)           7.73575540      (5.494)    123.954       958.87
Cumulative and Average Annual Total Returns
              without/with charges                                   0.24% A                             -4.11% B


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.

</TABLE>

<PAGE>
<TABLE>
                                       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      $11.25417490      88.856     88.856    $1,000.00
12-31-97      Contract Fee                      (1.00)      13.12966406      (0.076)    88.780     1,165.65
12-31-98      Contract Fee                      (1.00)      15.57416691      (0.064)    88.716     1,381.67
12-31-99      Contract Fee                      (1.00)      20.21840693      (0.049)    88.666     1,792.69
12-31-99      Value before Surr Chg                         20.21840693       0.000     88.666     1,792.69
12-31-99      Surrender Charge                 (22.00)      20.21840693      (1.088)    87.578     1,770.69
Cumulative Total Returns                                         79.65% A                            77.07% C
Average Annual Total Returns                                     21.57% B                            20.98% D

                                              Growth and Income
12-31-96      Purchase                      $1,000.00      $19.48959860      51.309     51.309    $1,000.00
12-31-97      Contract Fee                      (1.00)      24.55079561      (0.041)    51.269     1,258.69
12-31-98      Contract Fee                      (1.00)      26.22646854      (0.038)    51.231     1,343.60
12-31-99      Contract Fee                      (1.00)      26.14748139      (0.038)    51.192     1,338.55
12-31-99      Value before Surr Chg                         26.14748139       0.000     51.192     1,338.55
12-31-99      Surrender Charge                 (22.00)      26.14748139      (0.841)    50.351     1,316.55
Cumulative Total Returns without/with chrgs.                     34.16% A                            31.66% C
Avg. Annual Total Returns without/with chrgs.                    10.29% B                             9.60% D

                                                 High Income
12-31-96      Purchase                      $1,000.00      $19.37479425      51.613     51.613    $1,000.00
12-31-97      Contract Fee                      (1.00)      21.31160694      (0.047)    51.567     1,098.97
12-31-98      Contract Fee                      (1.00)      21.20849040      (0.047)    51.519     1,092.65
12-31-99      Contract Fee                      (1.00)      20.89988452      (0.048)    51.472     1,075.75
12-31-99      Value before Surr Chg                         20.89988452       0.000     51.472     1,075.75
12-31-99      Surrender Charge                 (22.00)      20.89988452      (1.053)    50.419     1,053.75
Cumulative Total Returns without/with chrgs.                      7.87% A                             5.37% C
Avg. Annual Total Returns without/with chrgs.                     2.56% B                             1.76% D

                                              Income Securities
12-31-96      Purchase                      $1,000.00      $21.70827863      46.065     46.065    $1,000.00
12-31-97      Contract Fee                      (1.00)      25.06461193      (0.040)    46.025     1,153.61
12-31-98      Contract Fee                      (1.00)      25.12170867      (0.040)    45.986     1,155.24
12-31-99      Contract Fee                      (1.00)      24.32274932      (0.041)    45.945     1,117.50
12-31-99      Value before Surr Chg                         24.32274932       0.000     45.945     1,117.50
12-31-99      Surrender Charge                 (22.00)      24.32274932      (0.905)    45.040     1,095.50
Cumulative Total Returns without/with chrgs.                     12.04% A                             9.55% C
Avg. Annual Total Returns without/with chrgs.                     3.86% B                             3.09% D

                                                 Money Market
12-31-96      Purchase                      $1,000.00      $13.35923111      74.855     74.855    $1,000.00
12-31-97      Contract Fee                      (1.00)      13.86472844      (0.072)    74.782     1,036.84
12-31-98      Contract Fee                      (1.00)      14.38555424      (0.070)    74.713     1,074.79
12-31-99      Contract Fee                      (1.00)      14.86037176      (0.067)    74.646     1,109.26
12-31-99      Value before Surr Chg                         14.86037176       0.000     74.646     1,109.26
12-31-99      Surrender Charge                 (22.00)      14.86037176      (1.480)    73.165     1,087.26
Cumulative Total Returns without/with chrgs.                     11.24% A                             8.73% C
Avg. Annual Total Returns without/with chrgs.                     3.61% B                             2.83% D

                                         Mutual Discovery Securities
12-31-96      Purchase                      $1,000.00      $10.18045638      98.227     98.227    $1,000.00
12-31-97      Contract Fee                      (1.00)      11.98316359      (0.083)    98.144     1,176.08
12-31-98      Contract Fee                      (1.00)      11.22622113      (0.089)    98.055     1,100.79
12-31-99      Contract Fee                      (1.00)      13.70059906      (0.073)    97.982     1,342.41
12-31-99      Value before Surr Chg                         13.70059906       0.000     97.982     1,342.41
12-31-99      Surrender Charge                 (22.00)      13.70059906      (1.606)    96.376     1,320.41
Cumulative Total Returns without/with chrgs.                     34.58% A                            32.04% C
Avg. Annual Total Returns without/with chrgs.                    10.41% B                             9.71% D

                                           Mutual Shares Securities
12-31-96      Purchase                      $1,000.00      $10.33016898      96.804     96.804    $1,000.00
12-31-97      Contract Fee                      (1.00)      11.99296726      (0.083)    96.720     1,159.97
12-31-98      Contract Fee                      (1.00)      11.83677406      (0.084)    96.636     1,143.86
12-31-99      Contract Fee                      (1.00)      13.23680837      (0.076)    96.560     1,278.15
12-31-99      Value before Surr Chg                         13.23680837       0.000     96.560     1,278.15
12-31-99      Surrender Charge                 (22.00)      13.23680837      (1.662)    94.898     1,256.15
Cumulative Total Returns without/with chrgs.                     28.14% A                            25.62% C
Avg. Annual Total Returns without/with chrgs.                     8.62% B                             7.90% D

                                         Natural Resource Securities
12-31-96      Purchase                      $1,000.00      $14.46741645      69.121     69.121    $1,000.00
12-31-97      Contract Fee                      (1.00)      11.55913365      (0.087)    69.034       797.98
12-31-98      Contract Fee                      (1.00)       8.50546484      (0.118)    68.917       586.17
12-31-99      Contract Fee                      (1.00)      11.09169503      (0.090)    68.827       763.40
12-31-99      Value before Surr Chg                         11.09169503       0.000     68.827       763.40
12-31-99      Surrender Charge                 (22.00)      11.09169503      (1.983)    66.843       741.40
Cumulative Total Returns without/with chrgs.                    -23.33% A                           -25.86% C
Avg. Annual Total Returns without/with chrgs.                    -8.48% B                            -9.49% D

                                            Real Estate Securities
12-31-96      Purchase                      $1,000.00      $23.66770609      42.252     42.252    $1,000.00
12-31-97      Contract Fee                      (1.00)      28.16943249      (0.035)    42.216     1,189.21
12-31-98      Contract Fee                      (1.00)      23.10677956      (0.043)    42.173       974.48
12-31-99      Contract Fee                      (1.00)      21.38599208      (0.047)    42.126       900.91
12-31-99      Value before Surr Chg                         21.38599208       0.000     42.126       900.91
12-31-99      Surrender Charge                 (22.00)      21.38599208      (1.029)    41.097       878.91
Cumulative Total Returns without/with chrgs.                     -9.64% A                           -12.11% C
Avg. Annual Total Returns without/with chrgs.                    -3.32% B                            -4.21% D

                                               Rising Dividends
12-31-96      Purchase                      $1,000.00      $15.30299222      65.347     65.347    $1,000.00
12-31-97      Contract Fee                      (1.00)      20.07430239      (0.050)    65.297     1,310.79
12-31-98      Contract Fee                      (1.00)      21.16548977      (0.047)    65.250     1,381.04
12-31-99      Contract Fee                      (1.00)      18.84623514      (0.053)    65.197     1,228.71
12-31-99      Value before Surr Chg                         18.84623514       0.000     65.197     1,228.71
12-31-99      Surrender Charge                 (22.00)      18.84623514      (1.167)    64.029     1,206.71
Cumulative Total Returns without/with chrgs.                     23.15% A                            20.67% C
Avg. Annual Total Returns without/with chrgs.                     7.19% B                             6.46% D

                                                  Small Cap
12-31-96      Purchase                      $1,000.00      $12.91274591      77.443     77.443    $1,000.00
12-31-97      Contract Fee                      (1.00)      14.95194471      (0.067)    77.376     1,156.92
12-31-98      Contract Fee                      (1.00)      14.59958077      (0.068)    77.307     1,128.66
12-31-99      Contract Fee                      (1.00)      28.35274064      (0.035)    77.272     2,190.88
12-31-99      Value before Surr Chg                         28.35274064       0.000     77.272     2,190.88
12-31-99      Surrender Charge                 (22.00)      28.35274064      (0.776)    76.496     2,168.88
Cumulative Total Returns without/with charges                   119.57% A                           116.89% C
Average Annual Total Returns without/with charges                29.97% B                            29.44% D

                                     Templeton Developing Markets Equity
12-31-96      Purchase                      $1,000.00      $11.48724479      87.053     87.053    $1,000.00
12-31-97      Contract Fee                      (1.00)      10.34011278      (0.097)    86.956       899.14
12-31-98      Contract Fee                      (1.00)       7.99263591      (0.125)    86.831       694.01
12-31-99      Contract Fee                      (1.00)      12.18796363      (0.082)    86.749     1,057.30
12-31-99      Value before Surr Chg                         12.18796363       0.000     86.749     1,057.30
12-31-99      Surrender Charge                 (22.00)      12.18796363      (1.805)    84.944     1,035.30
Cumulative Total Returns without/with chrgs.                      6.10% A                             3.53% C
Avg. Annual Total Returns without/with chrgs.                     1.99% B                             1.16% D

                                      Templeton Global Asset Allocation
12-31-96      Purchase                      $1,000.00      $12.51416879      79.909     79.909    $1,000.00
12-31-97      Contract Fee                      (1.00)      17.71128511      (0.056)    79.853     1,414.30
12-31-98      Contract Fee                      (1.00)      13.58859831      (0.074)    79.779     1,084.09
12-31-99      Contract Fee                      (1.00)      14.40812335      (0.069)    79.710     1,148.47
12-31-99      Value before Surr Chg                         14.40812335       0.000     79.710     1,148.47
12-31-99      Surrender Charge                 (22.00)      14.40812335      (1.527)    78.183     1,126.47
Cumulative Total Returns without/with chrgs.                     15.13% A                            12.65% C
Avg. Annual Total Returns without/with chrgs.                     4.81% B                             4.05% D

                                           Templeton Global Growth
12-31-96      Purchase                      $1,000.00      $13.55953972      73.749     73.749    $1,000.00
12-31-97      Contract Fee                      (1.00)      15.17626475      (0.066)    73.683     1,118.23
12-31-98      Contract Fee                      (1.00)      16.30853286      (0.061)    73.622     1,200.66
12-31-99      Contract Fee                      (1.00)      19.46559691      (0.051)    73.570     1,432.09
12-31-99      Value before Surr Chg                         19.46559691       0.000     73.570     1,432.09
12-31-99      Surrender Charge                 (22.00)      19.46559691      (1.130)    72.440     1,410.09
Cumulative Total Returns without/with chrgs.                     43.56% A                            41.01% C
Avg. Annual Total Returns without/with chrgs.                    12.81% B                            12.14% D

                                      Templeton Global Income Securities
12-31-96      Purchase                      $1,000.00      $16.78052472      59.593     59.593    $1,000.00
12-31-97      Contract Fee                      (1.00)      16.95673923      (0.059)    59.534     1,009.50
12-31-98      Contract Fee                      (1.00)      17.90515943      (0.056)    59.478     1,064.96
12-31-99      Contract Fee                      (1.00)      16.63474333      (0.060)    59.418       988.40
12-31-99      Value before Surr Chg                         16.63474333       0.000     59.418       988.40
12-31-99      Surrender Charge                 (22.00)      16.63474333      (1.323)    58.095       966.40
Cumulative Total Returns without/with chrgs.                     -0.87% A                            -3.36% C
Avg. Annual Total Returns without/with chrgs.                    -0.29% B                            -1.13% D

                                        Templeton International Equity
12-31-96      Purchase                      $1,000.00      $16.08142393      62.184     62.184    $1,000.00
12-31-97      Contract Fee                      (1.00)      17.71128511      (0.056)    62.127     1,100.35
12-31-98      Contract Fee                      (1.00)      18.43652906      (0.054)    62.073     1,144.41
12-31-99      Contract Fee                      (1.00)      23.02199633      (0.043)    62.029     1,428.04
12-31-99      Value before Surr Chg                         23.02199633       0.000     62.029     1,428.04
12-31-99      Surrender Charge                 (22.00)      23.02199633      (0.956)    61.074     1,406.04
Cumulative Total Returns without/with chrgs.                     43.16% A                            40.60% C
Avg. Annual Total Returns without/with chrgs.                    12.70% B                            12.03% D

                                  Templeton International Smaller Companies
12-31-96      Purchase                      $1,000.00      $11.14519961      89.725     89.725    $1,000.00
12-31-97      Contract Fee                      (1.00)      10.82516357      (0.092)    89.632       970.28
12-31-98      Contract Fee                      (1.00)       9.36443942      (0.107)    89.526       838.36
12-31-99      Contract Fee                      (1.00)      11.44110306      (0.087)    89.438     1,023.27
12-31-99      Value before Surr Chg                         11.44110306       0.000     89.438     1,023.27
12-31-99      Surrender Charge                 (22.00)      11.44110306      (1.923)    87.515     1,001.27
Cumulative Total Returns without/with chrgs.                      2.65% A                             0.13% C
Avg. Annual Total Returns without/with chrgs.                     0.88% B                             0.04% D

                                           Templeton Pacific Growth
12-31-96      Purchase                      $1,000.00      $14.93159316      66.972     66.972    $1,000.00
12-31-97      Contract Fee                      (1.00)       9.43102016      (0.106)    66.866       630.62
12-31-98      Contract Fee                      (1.00)       8.07846316      (0.124)    66.742       539.17
12-31-99      Contract Fee                      (1.00)      10.91531713      (0.092)    66.651       727.51
12-31-99      Value before Surr Chg                         10.91531713       0.000     66.651       727.51
12-31-99      Surrender Charge                 (22.00)      10.91531713      (2.016)    64.635       705.51
Cumulative Total Returns without/with chrgs.                    -26.90% A                           -29.45% C
Avg. Annual Total Returns without/with chrgs.                    -9.92% B                           -10.98% D

                                          U.S. Government Securities
12-31-96      Purchase                      $1,000.00      $16.65018339      60.059     60.059    $1,000.00
12-31-97      Contract Fee                      (1.00)      17.94721856      (0.056)    60.004     1,076.90
12-31-98      Contract Fee                      (1.00)      19.01438042      (0.053)    59.951     1,139.93
12-31-99      Contract Fee                      (1.00)      18.57397398      (0.054)    59.897     1,112.53
12-31-99      Value before Surr Chg                         18.57397398       0.000     59.897     1,112.53
12-31-99      Surrender Charge                 (22.00)      18.57397398      (1.184)    58.713     1,090.53
Cumulative Total Returns without/with chrgs.                     11.55% A                             9.05% C
Avg. Annual Total Returns without/with chrgs.                     3.71% B                             2.93% D

                                                Utility Equity
12-31-96      Purchase                      $1,000.00      $20.65439774      48.416     48.416    $1,000.00
12-31-97      Contract Fee                      (1.00)      25.81831690      (0.039)    48.377     1,249.02
12-31-98      Contract Fee                      (1.00)      28.30779835      (0.035)    48.342     1,368.45
12-31-99      Contract Fee                      (1.00)      38.91678151      (0.026)    48.316     1,880.31
12-31-99      Value before Surr Chg                         38.91678151       0.000     48.316     1,880.31
12-31-99      Surrender Charge                 (22.00)      38.91678151      (0.565)    47.751     1,858.31
Cumulative Total Returns without/with chrgs.                     88.42% A                            85.83% C
Avg. Annual Total Returns without/with chrgs.                    23.51% B                            22.94% D

                                              Zero Coupon - 2000
12-31-96      Purchase                      $1,000.00      $18.47475298      54.128     54.128    $1,000.00
12-31-97      Contract Fee                      (1.00)      19.51237855      (0.051)    54.077     1,055.16
12-31-98      Contract Fee                      (1.00)      20.68442229      (0.048)    54.028     1,117.54
12-31-99      Contract Fee                      (1.00)      21.02275632      (0.048)    53.981     1,134.82
12-31-99      Value before Surr Chg                         21.02275632       0.000     53.981     1,134.82
12-31-99      Surrender Charge                 (22.00)      21.02275632      (1.046)    52.934     1,112.82
Cumulative Total Returns without/with chrgs.                     13.79% A                            11.28% C
Avg. Annual Total Returns without/with chrgs.                     4.40% B                             3.63% D

                                              Zero Coupon - 2005
12-31-96      Purchase                      $1,000.00      $20.51665706      48.741     48.741    $1,000.00
12-31-97      Contract Fee                      (1.00)      22.53212008      (0.044)    48.697     1,097.24
12-31-98      Contract Fee                      (1.00)      25.00286219      (0.040)    48.657     1,216.55
12-31-99      Contract Fee                      (1.00)      23.20546373      (0.043)    48.613     1,128.10
12-31-99      Value before Surr Chg                         23.20546373       0.000     48.613     1,128.10
12-31-99      Surrender Charge                 (22.00)      23.20546373      (0.948)    47.665     1,106.10
Cumulative Total Returns without/with chrgs.                     13.11% A                            10.61% C
Avg. Annual Total Returns without/with chrgs.                     4.19% B                             3.42% D

                                              Zero Coupon - 2010
12-31-96      Purchase                      $1,000.00      $21.52246902      46.463     46.463    $1,000.00
12-31-97      Contract Fee                      (1.00)      24.73976107      (0.040)    46.423     1,148.49
12-31-98      Contract Fee                      (1.00)      27.92036039      (0.036)    46.387     1,295.14
12-31-99      Contract Fee                      (1.00)      24.16356346      (0.041)    46.345     1,119.87
12-31-99      Value before Surr Chg                         24.16356346       0.000     46.345     1,119.87
12-31-99      Surrender Charge                 (22.00)      24.16356346      (0.910)    45.435     1,097.87
Cumulative Total Returns without/with chrgs.                     12.27% A                             9.79% C
Avg. Annual Total Returns without/with chrgs.                     3.93% B                             3.16% D


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

</TABLE>

<PAGE>
<TABLE>
                                       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      $13.21462941      75.674      75.674    $1,000.00
12-31-95     Contract Fee                      (1.00)      17.30965999      (0.058)     75.616     1,308.89
12-31-96     Contract Fee                      (1.00)      19.48959860      (0.051)     75.565     1,472.72
12-31-97     Contract Fee                      (1.00)      24.55079561      (0.041)     75.524     1,854.17
12-31-98     Contract Fee                      (1.00)      26.22646854      (0.038)     75.486     1,979.73
12-31-99     Contract Fee                      (1.00)      26.14748139      (0.038)     75.448     1,972.76
12-31-99     Value before Surr Chg                         26.14748139       0.000      75.448     1,972.76
12-31-99     Surrender Charge                  (3.75)      26.14748139      (0.143)     75.304     1,969.01
Cumulative Total Returns without/with chrgs.                    97.87% A                             96.90% C
Avg. Annual Total Returns without/with chrgs.                   14.62% B                             14.51% D

                                                 High Income
12-31-94     Purchase                      $1,000.00      $14.60759128      68.458      68.458    $1,000.00
12-31-95     Contract Fee                      (1.00)      17.25181285      (0.058)     68.400     1,180.02
12-31-96     Contract Fee                      (1.00)      19.37479425      (0.052)     68.348     1,324.23
12-31-97     Contract Fee                      (1.00)      21.31160694      (0.047)     68.301     1,455.61
12-31-98     Contract Fee                      (1.00)      21.20849040      (0.047)     68.254     1,447.56
12-31-99     Contract Fee                      (1.00)      20.89988452      (0.048)     68.206     1,425.50
12-31-99     Value before Surr Chg                         20.89988452       0.000      68.206     1,425.50
12-31-99     Surrender Charge                  (3.75)      20.89988452      (0.179)     68.027     1,421.75
Cumulative Total Returns without/with chrgs.                    43.08% A                             42.17% C
Avg. Annual Total Returns without/with chrgs.                    7.43% B                              7.29% D

                                              Income Securities
12-31-94     Purchase                      $1,000.00      $16.39171653      61.006      61.006    $1,000.00
12-31-95     Contract Fee                      (1.00)      19.78534185      (0.051)     60.956     1,206.03
12-31-96     Contract Fee                      (1.00)      21.70827863      (0.046)     60.910     1,322.25
12-31-97     Contract Fee                      (1.00)      25.06461193      (0.040)     60.870     1,525.68
12-31-98     Contract Fee                      (1.00)      25.12170867      (0.040)     60.830     1,528.16
12-31-99     Contract Fee                      (1.00)      24.32274932      (0.041)     60.789     1,478.56
12-31-99     Value before Surr Chg                         24.32274932       0.000      60.789     1,478.56
12-31-99     Surrender Charge                  (3.75)      24.32274932      (0.154)     60.635     1,474.81
Cumulative Total Returns without/with chrgs.                    48.38% A                             47.48% C
Avg. Annual Total Returns without/with chrgs.                    8.21% B                              8.08% D

                                                 Money Market
12-31-94     Purchase                      $1,000.00      $12.35398427      80.946      80.946    $1,000.00
12-31-95     Contract Fee                      (1.00)      12.88349436      (0.078)     80.868     1,041.86
12-31-96     Contract Fee                      (1.00)      13.35923111      (0.075)     80.793     1,079.33
12-31-97     Contract Fee                      (1.00)      13.86472844      (0.072)     80.721     1,119.17
12-31-98     Contract Fee                      (1.00)      14.38555424      (0.070)     80.651     1,160.22
12-31-99     Contract Fee                      (1.00)      14.86037176      (0.067)     80.584     1,197.51
12-31-99     Value before Surr Chg                         14.86037176       0.000      80.584     1,197.51
12-31-99     Surrender Charge                  (3.75)      14.86037176      (0.252)     80.332     1,193.76
Cumulative Total Returns without/with chrgs.                    20.29% A                             19.38% C
Avg. Annual Total Returns without/with chrgs.                    3.76% B                              3.61% D

                                         Natural Resource Securities
12-31-94     Purchase                      $1,000.00      $13.97879422      71.537      71.537    $1,000.00
12-31-95     Contract Fee                      (1.00)      14.10867153      (0.071)     71.466     1,008.29
12-31-96     Contract Fee                      (1.00)      14.46741645      (0.069)     71.397     1,032.93
12-31-97     Contract Fee                      (1.00)      11.55913365      (0.087)     71.310       824.29
12-31-98     Contract Fee                      (1.00)       8.50546484      (0.118)     71.193       605.53
12-31-99     Contract Fee                      (1.00)      11.09169503      (0.090)     71.103       788.65
12-31-99     Value before Surr Chg                         11.09169503       0.000      71.103       788.65
12-31-99     Surrender Charge                  (3.75)      11.09169503      (0.338)     70.765       784.90
Cumulative Total Returns without/with chrgs.                   -20.65% A                            -21.51% C
Avg. Annual Total Returns without/with chrgs.                   -4.52% B                             -4.73% D

                                            Real Estate Securities
12-31-94     Purchase                      $1,000.00      $15.59407180      64.127      64.127    $1,000.00
12-31-95     Contract Fee                      (1.00)      18.07282328      (0.055)     64.072     1,157.95
12-31-96     Contract Fee                      (1.00)      23.66770609      (0.042)     64.029     1,515.43
12-31-97     Contract Fee                      (1.00)      28.16943249      (0.035)     63.994     1,802.67
12-31-98     Contract Fee                      (1.00)      23.10677956      (0.043)     63.951     1,477.69
12-31-99     Contract Fee                      (1.00)      21.38599208      (0.047)     63.904     1,366.65
12-31-99     Value before Surr Chg                         21.38599208       0.000      63.904     1,366.65
12-31-99     Surrender Charge                  (3.75)      21.38599208      (0.175)     63.728     1,362.90
Cumulative Total Returns without/with chrgs.                    37.14% A                             36.29% C
Avg. Annual Total Returns without/with chrgs.                    6.52% B                              6.39% D

                                               Rising Dividends
12-31-94     Purchase                      $1,000.00       $9.76873744     102.367     102.367    $1,000.00
12-31-95     Contract Fee                      (1.00)      12.49836348      (0.080)    102.287    $1,278.42
12-31-96     Contract Fee                      (1.00)      15.30299222      (0.065)    102.222    $1,564.30
12-31-97     Contract Fee                      (1.00)      20.07430239      (0.050)    102.172     2,051.04
12-31-98     Contract Fee                      (1.00)      21.16548977      (0.047)    102.125     2,161.52
12-31-99     Contract Fee                      (1.00)      18.84623514      (0.053)    102.072     1,923.67
12-31-99     Value before Surr Chg                         18.84623514       0.000     102.072     1,923.67
12-31-99     Surrender Charge                  (3.75)      18.84623514      (0.199)    101.873     1,919.92
Cumulative Total Returns without/with chrgs.                    92.92% A                             91.99% C
Avg. Annual Total Rtns. without/with chrgs.                     14.05% B                             13.93% D

                                     Templeton Developing Markets Equity
12-31-94     Purchase                      $1,000.00       $9.45424664     105.773     105.773    $1,000.00
12-31-95     Contract Fee                      (1.00)       9.58170209      (0.104)    105.668     1,012.48
12-31-96     Contract Fee                      (1.00)      11.48724479      (0.087)    105.581     1,212.84
12-31-97     Contract Fee                      (1.00)      10.34011278      (0.097)    105.484     1,090.72
12-31-98     Contract Fee                      (1.00)       7.99263591      (0.125)    105.359       842.10
12-31-99     Contract Fee                      (1.00)      12.18796363      (0.082)    105.277     1,283.12
12-31-99     Value before Surr Chg                         12.18796363       0.000     105.277     1,283.12
12-31-99     Surrender Charge                  (3.75)      12.18796363      (0.308)    104.970     1,279.37
Cumulative Total Returns without/with chrgs.                    28.92% A                             27.94% C
Avg. Annual Total Rtns. without/with chrgs.                      5.21% B                              5.05% D

                                           Templeton Global Growth
12-31-94     Purchase                      $1,000.00      $10.20085584      98.031      98.031    $1,000.00
12-31-95     Contract Fee                      (1.00)      11.33894840      (0.088)     97.943     1,110.57
12-31-96     Contract Fee                      (1.00)      13.55953972      (0.074)     97.869     1,327.06
12-31-97     Contract Fee                      (1.00)      15.17626475      (0.066)     97.803     1,484.29
12-31-98     Contract Fee                      (1.00)      16.30853286      (0.061)     97.742     1,594.03
12-31-99     Contract Fee                      (1.00)      19.46559691      (0.051)     97.690     1,901.60
12-31-99     Value before Surr Chg                         19.46559691       0.000      97.690     1,901.60
12-31-99     Surrender Charge                  (3.75)      19.46559691      (0.193)     97.498     1,897.85
Cumulative Total Returns without/with chrgs.                    90.82% A                             89.79% C
Avg. Annual Total Rtns. without/with chrgs.                     13.80% B                             13.67% D

                                      Templeton Global Income Securities
12-31-94     Purchase                      $1,000.00      $13.72629720      72.853      72.853    $1,000.00
12-31-95     Contract Fee                      (1.00)      15.52246997      (0.064)     72.788     1,129.86
12-31-96     Contract Fee                      (1.00)      16.78052472      (0.060)     72.729     1,220.43
12-31-97     Contract Fee                      (1.00)      16.95673923      (0.059)     72.670     1,232.24
12-31-98     Contract Fee                      (1.00)      17.90515943      (0.056)     72.614     1,300.17
12-31-99     Contract Fee                      (1.00)      16.63474333      (0.060)     72.554     1,206.92
12-31-99     Value before Surr Chg                         16.63474333       0.000      72.554     1,206.92
12-31-99     Surrender Charge                  (3.75)      16.63474333      (0.225)     72.328     1,203.17
Cumulative Total Returns without/with chrgs.                    21.19% A                             20.32% C
Avg. Annual Total Returns without/with chrgs.                    3.92% B                              3.77% D

                                        Templeton International Equity
12-31-94     Purchase                      $1,000.00      $12.16131942      82.228      82.228    $1,000.00
12-31-95     Contract Fee                      (1.00)      13.26267921      (0.075)     82.153     1,089.56
12-31-96     Contract Fee                      (1.00)      16.08142393      (0.062)     82.090     1,320.13
12-31-97     Contract Fee                      (1.00)      17.71128511      (0.056)     82.034     1,452.93
12-31-98     Contract Fee                      (1.00)      18.43652906      (0.054)     81.980     1,511.42
12-31-99     Contract Fee                      (1.00)      23.02199633      (0.043)     81.936     1,886.33
12-31-99     Value before Surr Chg                         23.02199633       0.000      81.936     1,886.33
12-31-99     Surrender Charge                  (3.75)      23.02199633      (0.163)     81.773     1,882.58
Cumulative Total Returns without/with chrgs.                    89.31% A                             88.26% C
Avg. Annual Total Rtns. without/with chrgs.                     13.61% B                             13.49% D

                                           Templeton Pacific Growth
12-31-94     Purchase                      $1,000.00      $12.80173310      78.114      78.114    $1,000.00
12-31-95     Contract Fee                      (1.00)      13.63037545      (0.073)     78.041     1,063.73
12-31-96     Contract Fee                      (1.00)      14.93159316      (0.067)     77.974     1,164.28
12-31-97     Contract Fee                      (1.00)       9.43102016      (0.106)     77.868       734.38
12-31-98     Contract Fee                      (1.00)       8.07846316      (0.124)     77.744       628.05
12-31-99     Contract Fee                      (1.00)      10.91531713      (0.092)     77.653       847.60
12-31-99     Value before Surr Chg                         10.91531713       0.000      77.653       847.60
12-31-99     Surrender Charge                  (3.75)      10.91531713      (0.344)     77.309       843.85
Cumulative Total Returns without/with chrgs.                   -14.74% A                            -15.61% C
Avg. Annual Total Rtns. without/with chrgs.                     -3.14% B                             -3.34% D

                                          U.S. Government Securities
12-31-94     Purchase                      $1,000.00      $13.83490825      72.281      72.281    $1,000.00
12-31-95     Contract Fee                      (1.00)      16.29770051      (0.061)     72.220     1,177.01
12-31-96     Contract Fee                      (1.00)      16.65018339      (0.060)     72.160     1,201.47
12-31-97     Contract Fee                      (1.00)      17.94721856      (0.056)     72.104     1,294.06
12-31-98     Contract Fee                      (1.00)      19.01438042      (0.053)     72.051     1,370.01
12-31-99     Contract Fee                      (1.00)      18.57397398      (0.054)     71.997     1,337.28
12-31-99     Value before Surr Chg                         18.57397398       0.000      71.997     1,337.28
12-31-99     Surrender Charge                  (3.75)      18.57397398      (0.202)     71.795     1,333.53
Cumulative Total Returns without/with chrgs.                    34.25% A                             33.35% C
Avg. Annual Total Returns without/with chrgs.                    6.07% B                              5.93% D

                                                Utility Equity
12-31-94     Purchase                      $1,000.00      $15.10395032      66.208      66.208    $1,000.00
12-31-95     Contract Fee                      (1.00)      19.56451758      (0.051)     66.157     1,294.32
12-31-96     Contract Fee                      (1.00)      20.65439774      (0.048)     66.108     1,365.43
12-31-97     Contract Fee                      (1.00)      25.81831690      (0.039)     66.070     1,705.81
12-31-98     Contract Fee                      (1.00)      28.30779835      (0.035)     66.034     1,869.28
12-31-99     Contract Fee                      (1.00)      38.91678151      (0.026)     66.009     2,568.84
12-31-99     Value before Surr Chg                         38.91678151       0.000      66.009     2,568.84
12-31-99     Surrender Charge                  (3.75)      38.91678151      (0.096)     65.912     2,565.09
Cumulative Total Returns without/with chrgs.                   157.66% A                            156.51% C
Avg. Annual Total Returns without/with chrgs.                   20.84% B                             20.73% D

                                              Zero Coupon - 2000
12-31-94     Purchase                      $1,000.00      $15.37318118      65.048      65.048    $1,000.00
12-31-95     Contract Fee                      (1.00)      18.29362036      (0.055)     64.994     1,188.97
12-31-96     Contract Fee                      (1.00)      18.47475298      (0.054)     64.940     1,199.74
12-31-97     Contract Fee                      (1.00)      19.51237855      (0.051)     64.888     1,266.13
12-31-98     Contract Fee                      (1.00)      20.68442229      (0.048)     64.840     1,341.18
12-31-99     Contract Fee                      (1.00)      21.02275632      (0.048)     64.792     1,362.11
12-31-99     Value before Surr Chg                         21.02275632       0.000      64.792     1,362.11
12-31-99     Surrender Charge                  (3.75)      21.02275632      (0.178)     64.614     1,358.36
Cumulative Total Returns without/with chrgs.                    36.75% A                             35.84% C
Avg. Annual Total Returns without/with chrgs.                    6.46% B                              6.32% D

                                              Zero Coupon - 2005
12-31-94     Purchase                      $1,000.00      $16.09601101      62.127      62.127    $1,000.00
12-31-95     Contract Fee                      (1.00)      20.91363234      (0.048)     62.079     1,298.31
12-31-96     Contract Fee                      (1.00)      20.51665706      (0.049)     62.031     1,272.66
12-31-97     Contract Fee                      (1.00)      22.53212008      (0.044)     61.986     1,396.68
12-31-98     Contract Fee                      (1.00)      25.00286219      (0.040)     61.946     1,548.83
12-31-99     Contract Fee                      (1.00)      23.20546373      (0.043)     61.903     1,436.49
12-31-99     Value before Surr Chg                         23.20546373       0.000      61.903     1,436.49
12-31-99     Surrender Charge                  (3.75)      23.20546373      (0.162)     61.742     1,432.74
Cumulative Total Returns without/with chrgs.                    44.17% A                             43.27% C
Avg. Annual Total Returns without/with chrgs.                    7.59% B                              7.46% D

                                              Zero Coupon - 2010
12-31-94     Purchase                      $1,000.00      $15.92982416      62.775      62.775    $1,000.00
12-31-95     Contract Fee                      (1.00)     $22.43134838      (0.045)     62.731     1,407.14
12-31-96     Contract Fee                      (1.00)     $21.52246902      (0.046)     62.684     1,349.12
12-31-97     Contract Fee                      (1.00)     $24.73976107      (0.040)     62.644     1,549.79
12-31-98     Contract Fee                      (1.00)     $27.92036039      (0.036)     62.608     1,748.04
12-31-99     Contract Fee                      (1.00)     $24.16356346      (0.041)     62.567     1,511.83
12-31-99     Value before Surr Chg                        $24.16356346       0.000      62.567     1,511.83
12-31-99     Surrender Charge                  (3.75)     $24.16356346      (0.155)     62.411     1,508.08
Cumulative Total Returns without/with chrgs.                    51.69% A                             50.81% C
Avg. Annual Total Returns without/with chrgs.                    8.69% B                              8.56% D


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

</TABLE>

<PAGE>
<TABLE>
                                            FRANKLIN VALUEMARK 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      $10.17968496      98.235     98.235    $1,000.00
12-31-90     Contract Fee                      (1.00)       9.80273477      (0.102)    98.133       961.97
12-31-91     Contract Fee                      (1.00)      11.94928651      (0.084)    98.049     1,171.62
12-31-92     Contract Fee                      (1.00)      12.57361730      (0.080)    97.970     1,231.83
12-31-93     Contract Fee                      (1.00)      13.67694811      (0.073)    97.897     1,338.93
12-31-94     Contract Fee                      (1.00)      13.21462941      (0.076)    97.821     1,292.67
12-31-95     Contract Fee                      (1.00)      17.30965999      (0.058)    97.763     1,692.25
12-31-96     Contract Fee                      (1.00)      19.48959860      (0.051)    97.712     1,904.36
12-31-97     Contract Fee                      (1.00)      24.55079561      (0.041)    97.671     2,397.90
12-31-98     Contract Fee                      (1.00)      26.22646854      (0.038)    97.633     2,560.57
12-31-99     Contract Fee                      (1.00)      26.14748139      (0.038)    97.595     2,551.85
12-31-99     Value before Surr Chg                         26.14748139       0.000     97.595     2,551.85
12-31-99     Surrender Charge                              26.14748139       0.000     97.595     2,551.85
Cumulative Total Returns without/with chrgs.                   156.86% A                           155.19% C
Avg. Annual Total Returns without/with chrgs.                    9.89% B                             9.82% D

                                               High Income
12-31-89     Purchase                      $1,000.00      $10.02140026      99.786     99.786    $1,000.00
12-31-90     Contract Fee                      (1.00)       9.02570091      (0.111)    99.676       899.64
12-31-91     Contract Fee                      (1.00)      11.58287531      (0.086)    99.589     1,153.53
12-31-92     Contract Fee                      (1.00)      13.27789297      (0.075)    99.514     1,321.34
12-31-93     Contract Fee                      (1.00)      15.15511991      (0.066)    99.448     1,507.15
12-31-94     Contract Fee                      (1.00)      14.60759128      (0.068)    99.380     1,451.70
12-31-95     Contract Fee                      (1.00)      17.25181285      (0.058)    99.322     1,713.48
12-31-96     Contract Fee                      (1.00)      19.37479425      (0.052)    99.270     1,923.34
12-31-97     Contract Fee                      (1.00)      21.31160694      (0.047)    99.223     2,114.60
12-31-98     Contract Fee                      (1.00)      21.20849040      (0.047)    99.176     2,103.37
12-31-99     Contract Fee                      (1.00)      20.89988452      (0.048)    99.128     2,071.77
12-31-99     Value before Surr Chg                         20.89988452       0.000     99.128     2,071.77
12-31-99     Surrender Charge                              20.89988452       0.000     99.128     2,071.77
Cumulative Total Returns without/with chrgs.                   108.55% A                           107.18% C
Avg. Annual Total Returns without/with chrgs.                    7.63% B                             7.56% D

                                            Income Securities
12-31-89     Purchase                      $1,000.00      $10.78314539      92.737     92.737    $1,000.00
12-31-90     Contract Fee                      (1.00)       9.84219360      (0.102)    92.636       911.74
12-31-91     Contract Fee                      (1.00)      13.58029545      (0.074)    92.562     1,257.02
12-31-92     Contract Fee                      (1.00)      15.16252410      (0.066)    92.496     1,402.47
12-31-93     Contract Fee                      (1.00)      17.73437317      (0.056)    92.440     1,639.36
12-31-94     Contract Fee                      (1.00)      16.39171653      (0.061)    92.379     1,514.25
12-31-95     Contract Fee                      (1.00)      19.78534185      (0.051)    92.328     1,826.74
12-31-96     Contract Fee                      (1.00)      21.70827863      (0.046)    92.282     2,003.29
12-31-97     Contract Fee                      (1.00)      25.06461193      (0.040)    92.242     2,312.02
12-31-98     Contract Fee                      (1.00)      25.12170867      (0.040)    92.202     2,316.28
12-31-99     Contract Fee                      (1.00)      24.32274932      (0.041)    92.161     2,241.62
12-31-99     Value before Surr Chg                         24.32274932       0.000     92.161     2,241.62
12-31-99     Surrender Charge                              24.32274932       0.000     92.161     2,241.62
Cumulative Total Returns without/with chrgs.                   125.56% A                           124.16% C
Avg. Annual Total Returns without/with chrgs.                    8.47% B                             8.41% D

                                               Money Market
12-31-89     Purchase                      $1,000.00      $10.63670089      94.014     94.014    $1,000.00
12-31-90     Contract Fee                      (1.00)      11.28816298      (0.089)    93.926     1,060.25
12-31-91     Contract Fee                      (1.00)      11.74177967      (0.085)    93.840     1,101.85
12-31-92     Contract Fee                      (1.00)      11.93209752      (0.084)    93.757     1,118.71
12-31-93     Contract Fee                      (1.00)      12.06579747      (0.083)    93.674     1,130.25
12-31-94     Contract Fee                      (1.00)      12.35398427      (0.081)    93.593     1,156.24
12-31-95     Contract Fee                      (1.00)      12.88349436      (0.078)    93.515     1,204.80
12-31-96     Contract Fee                      (1.00)      13.35923111      (0.075)    93.440     1,248.29
12-31-97     Contract Fee                      (1.00)      13.86472844      (0.072)    93.368     1,294.52
12-31-98     Contract Fee                      (1.00)      14.38555424      (0.070)    93.299     1,342.15
12-31-99     Contract Fee                      (1.00)      14.86037176      (0.067)    93.231     1,385.45
12-31-99     Value before Surr Chg                         14.86037176       0.000     93.231     1,385.45
12-31-99     Surrender Charge                              14.86037176       0.000     93.231     1,385.45
Cumulative Total Returns without/with chrgs.                    39.71% A                            38.55% C
Avg. Annual Total Returns without/with chrgs.                    3.40% B                             3.31% D


                                       Natural Resources Securities
12-31-89     Purchase                      $1,000.00      $12.24727889      81.651     81.651    $1,000.00
12-31-90     Contract Fee                      (1.00)      10.38739461      (0.096)    81.555       847.14
12-31-91     Contract Fee                      (1.00)      10.63476279      (0.094)    81.460       866.31
12-31-92     Contract Fee                      (1.00)       9.42437104      (0.106)    81.354       766.71
12-31-93     Contract Fee                      (1.00)      14.46354903      (0.069)    81.285     1,175.67
12-31-94     Contract Fee                      (1.00)      13.97879422      (0.072)    81.214     1,135.27
12-31-95     Contract Fee                      (1.00)      14.10867153      (0.071)    81.143     1,144.82
12-31-96     Contract Fee                      (1.00)      14.46741645      (0.069)    81.074     1,172.93
12-31-97     Contract Fee                      (1.00)      11.55913365      (0.087)    80.987       936.14
12-31-98     Contract Fee                      (1.00)       8.50546484      (0.118)    80.870       687.83
12-31-99     Contract Fee                      (1.00)      11.09169503      (0.090)    80.779       895.98
12-31-99     Value before Surr Chg                         11.09169503       0.000     80.779       895.98
12-31-99     Surrender Charge                              11.09169503       0.000     80.779       895.98
Cumulative Total Returns without/with chrgs.                    -9.44% A                           -10.40% C
Avg. Annual Total Returns without/with chrgs.                   -0.99% B                            -1.09% D

                                          Real Estate Securities
12-31-89     Purchase                      $1,000.00      $10.36764805      96.454     96.454    $1,000.00
12-31-90     Contract Fee                      (1.00)       8.99958346      (0.111)    96.343       867.04
12-31-91     Contract Fee                      (1.00)      11.84810701      (0.084)    96.258     1,140.48
12-31-92     Contract Fee                      (1.00)      13.09547341      (0.076)    96.182     1,259.55
12-31-93     Contract Fee                      (1.00)      15.36898235      (0.065)    96.117     1,477.22
12-31-94     Contract Fee                      (1.00)      15.59407180      (0.064)    96.053     1,497.85
12-31-95     Contract Fee                      (1.00)      18.07282328      (0.055)    95.997     1,734.95
12-31-96     Contract Fee                      (1.00)      23.66770609      (0.042)    95.955     2,271.04
12-31-97     Contract Fee                      (1.00)      28.16943249      (0.035)    95.920     2,702.00
12-31-98     Contract Fee                      (1.00)      23.10677956      (0.043)    95.876     2,215.40
12-31-99     Contract Fee                      (1.00)      21.38599208      (0.047)    95.830     2,049.41
12-31-99     Value before Surr Chg                         21.38599208       0.000     95.830     2,049.41
12-31-99     Surrender Charge                              21.38599208       0.000     95.830     2,049.41
Cumulative Total Returns without/with chrgs.                   106.28% A                           104.94% C
Avg. Annual Total Returns without/with chrgs.                    7.51% B                             7.44% D

                                    Templeton Global Income Securities
12-31-89     Purchase                      $1,000.00      $10.81282377      92.483     92.483    $1,000.00
12-31-90     Contract Fee                      (1.00)      11.70599212      (0.085)    92.397     1,081.60
12-31-91     Contract Fee                      (1.00)      12.96200318      (0.077)    92.320     1,196.65
12-31-92     Contract Fee                      (1.00)      12.73250766      (0.079)    92.242     1,174.47
12-31-93     Contract Fee                      (1.00)      14.64984870      (0.068)    92.173     1,350.33
12-31-94     Contract Fee                      (1.00)      13.72629720      (0.073)    92.101     1,264.20
12-31-95     Contract Fee                      (1.00)      15.52246997      (0.064)    92.036     1,428.63
12-31-96     Contract Fee                      (1.00)      16.78052472      (0.060)    91.977     1,543.41
12-31-97     Contract Fee                      (1.00)      16.95673923      (0.059)    91.918     1,558.62
12-31-98     Contract Fee                      (1.00)      17.90515943      (0.056)    91.862     1,644.80
12-31-99     Contract Fee                      (1.00)      16.63474333      (0.060)    91.802     1,527.10
12-31-99     Value before Surr Chg                         16.63474333       0.000     91.802     1,527.10
12-31-99     Surrender Charge                              16.63474333       0.000     91.802     1,527.10
Cumulative Total Returns without/with chrgs.                    53.84% A                            52.71% C
Avg. Annual Total Returns without/with chrgs.                    4.40% B                             4.32% D


                                        U.S. Government Securities
12-31-89     Purchase                      $1,000.00      $10.42700481      95.905     95.905    $1,000.00
12-31-90     Contract Fee                      (1.00)      11.19888952      (0.089)    95.816     1,073.03
12-31-91     Contract Fee                      (1.00)      12.79761583      (0.078)    95.737     1,225.21
12-31-92     Contract Fee                      (1.00)      13.58621153      (0.074)    95.664     1,299.71
12-31-93     Contract Fee                      (1.00)      14.69826319      (0.068)    95.596     1,405.09
12-31-94     Contract Fee                      (1.00)      13.83490825      (0.072)    95.523     1,321.56
12-31-95     Contract Fee                      (1.00)      16.29770051      (0.061)    95.462     1,555.81
12-31-96     Contract Fee                      (1.00)      16.65018339      (0.060)    95.402     1,588.46
12-31-97     Contract Fee                      (1.00)      17.94721856      (0.056)    95.346     1,711.20
12-31-98     Contract Fee                      (1.00)      19.01438042      (0.053)    95.294     1,811.95
12-31-99     Contract Fee                      (1.00)      18.57397398      (0.054)    95.240     1,768.98
12-31-99     Value before Surr Chg                         18.57397398       0.000     95.240     1,768.98
12-31-99     Surrender Charge                              18.57397398       0.000     95.240     1,768.98
Cumulative Total Returns without/with chrgs.                    78.13% A                            76.90% C
Avg. Annual Total Returns without/with chrgs.                    5.94% B                             5.87% D

                                        Global Utilties Securities
12-31-89     Purchase                      $1,000.00      $12.00985184      83.265     83.265    $1,000.00
12-31-90     Contract Fee                      (1.00)      12.06229784      (0.083)    83.182     1,003.37
12-31-91     Contract Fee                      (1.00)      14.82143005      (0.067)    83.115     1,231.88
12-31-92     Contract Fee                      (1.00)      15.88865152      (0.063)    83.052     1,319.58
12-31-93     Contract Fee                      (1.00)      17.31879581      (0.058)    82.994     1,437.35
12-31-94     Contract Fee                      (1.00)      15.10395032      (0.066)    82.928     1,252.54
12-31-95     Contract Fee                      (1.00)      19.56451758      (0.051)    82.877     1,621.44
12-31-96     Contract Fee                      (1.00)      20.65439774      (0.048)    82.828     1,710.77
12-31-97     Contract Fee                      (1.00)      25.81831690      (0.039)    82.789     2,137.48
12-31-98     Contract Fee                      (1.00)      28.30779835      (0.035)    82.754     2,342.59
12-31-99     Contract Fee                      (1.00)      38.91678151      (0.026)    82.728     3,219.52
12-31-99     Value before Surr Chg                         38.91678151       0.000     82.728     3,219.52
12-31-99     Surrender Charge                              38.91678151       0.000     82.728     3,219.52
Cumulative Total Returns without/with chrgs.                   224.04% A                           221.95% C
Avg. Annual Total Returns without/with chrgs.                   12.48% B                            12.40% D

                                            Zero Coupon - 2000
12-31-89     Purchase                      $1,000.00      $10.96121568      91.231     91.231    $1,000.00
12-31-90     Contract Fee                      (1.00)      11.44624093      (0.087)    91.143     1,043.25
12-31-91     Contract Fee                      (1.00)      13.57017992      (0.074)    91.070     1,235.83
12-31-92     Contract Fee                      (1.00)      14.59489368      (0.069)    91.001     1,328.15
12-31-93     Contract Fee                      (1.00)      16.71742785      (0.060)    90.941     1,520.31
12-31-94     Contract Fee                      (1.00)      15.37318118      (0.065)    90.876     1,397.06
12-31-95     Contract Fee                      (1.00)      18.29362036      (0.055)    90.822     1,661.46
12-31-96     Contract Fee                      (1.00)      18.47475298      (0.054)    90.768     1,676.91
12-31-97     Contract Fee                      (1.00)      19.51237855      (0.051)    90.716     1,770.09
12-31-98     Contract Fee                      (1.00)      20.68442229      (0.048)    90.668     1,875.41
12-31-99     Contract Fee                      (1.00)      21.02275632      (0.048)    90.620     1,905.09
12-31-99     Value before Surr Chg                         21.02275632       0.000     90.620     1,905.09
12-31-99     Surrender Charge                              21.02275632       0.000     90.620     1,905.09
Cumulative Total Returns without/with chrgs.                    91.79% A                            90.51% C
Avg. Annual Total Returns without/with chrgs.                    6.73% B                             6.66% D

                                            Zero Coupon - 2005
12-31-89     Purchase                      $1,000.00      $11.40639141      87.670     87.670    $1,000.00
12-31-90     Contract Fee                      (1.00)      11.54507771      (0.087)    87.584     1,011.16
12-31-91     Contract Fee                      (1.00)      13.70496151      (0.073)    87.511     1,199.33
12-31-92     Contract Fee                      (1.00)      14.97467685      (0.067)    87.444     1,309.44
12-31-93     Contract Fee                      (1.00)      18.04995514      (0.055)    87.388     1,577.36
12-31-94     Contract Fee                      (1.00)      16.09601101      (0.062)    87.326     1,405.60
12-31-95     Contract Fee                      (1.00)      20.91363234      (0.048)    87.278     1,825.31
12-31-96     Contract Fee                      (1.00)      20.51665706      (0.049)    87.230     1,789.66
12-31-97     Contract Fee                      (1.00)      22.53212008      (0.044)    87.185     1,964.47
12-31-98     Contract Fee                      (1.00)      25.00286219      (0.040)    87.145     2,178.88
12-31-99     Contract Fee                      (1.00)      23.20546373      (0.043)    87.102     2,021.25
12-31-99     Value before Surr Chg                         23.20546373       0.000     87.102     2,021.25
12-31-99     Surrender Charge                              23.20546373       0.000     87.102     2,021.25
Cumulative Total Returns without/with chrgs.                   103.44% A                           102.12% C
Avg. Annual Total Returns without/with chrgs.                    7.36% B                             7.29% D

                                            Zero Coupon - 2010
12-31-89     Purchase                      $1,000.00      $11.48553376      87.066     87.066    $1,000.00
12-31-90     Contract Fee                      (1.00)      11.38999240      (0.088)    86.978       990.68
12-31-91     Contract Fee                      (1.00)      13.48230431      (0.074)    86.904     1,171.67
12-31-92     Contract Fee                      (1.00)      14.66961344      (0.068)    86.836     1,273.85
12-31-93     Contract Fee                      (1.00)      18.14448916      (0.055)    86.781     1,574.59
12-31-94     Contract Fee                      (1.00)      15.92982416      (0.063)    86.718     1,381.40
12-31-95     Contract Fee                      (1.00)      22.43134838      (0.045)    86.673     1,944.20
12-31-96     Contract Fee                      (1.00)      21.52246902      (0.046)    86.627     1,864.43
12-31-97     Contract Fee                      (1.00)      24.73976107      (0.040)    86.587     2,142.13
12-31-98     Contract Fee                      (1.00)      27.92036039      (0.036)    86.551     2,416.53
12-31-99     Contract Fee                      (1.00)      24.16356346      (0.041)    86.509     2,090.37
12-31-99     Value before Surr Chg                         24.16356346       0.000     86.509     2,090.37
12-31-99     Surrender Charge                              24.16356346       0.000     86.509     2,090.37
Cumulative Total Returns without/with chrgs.                   110.38% A                           109.04% C
Avg. Annual Total Returns without/with chrgs.                    7.72% B                             7.65% D


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

</TABLE>

<PAGE>
<TABLE>
                                           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)     $11.18234032      (0.089)    99.911            $1,117.23
5-1-98        Contract Fee                      (1.00)     $14.64647972      (0.068)    99.842             1,462.34
5-1-99        Contract Fee                      (1.00)     $16.50530362      (0.061)    99.782             1,646.93
12-31-99      Contract Fee                      (1.00)     $20.21840693      (0.049)    99.732             2,016.43
12-31-99      Value before Surr Chg                        $20.21840693       0.000     99.732             2,016.43
12-31-99      Surrender Charge                 (12.00)     $20.21840693      (0.594)    99.139             2,004.43
Cumulative Total Returns without/with chgs.                     102.18% A                                   100.44% C
Avg. Annual Total Returns without/with chgs.                     21.16% B                                    20.87% 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)       9.60621064      (0.104)    99.896               959.62
1-24-91       Contract Fee                      (1.00)      10.04911751      (0.100)    99.796             1,002.87
1-24-92       Contract Fee                      (1.00)      12.19460473      (0.082)    99.714             1,215.98
1-24-93       Contract Fee                      (1.00)      12.62194644      (0.079)    99.635             1,257.59
1-24-94       Contract Fee                      (1.00)      14.16249217      (0.071)    99.565             1,410.08
1-24-95       Contract Fee                      (1.00)      13.34952632      (0.075)    99.490             1,328.14
1-24-96       Contract Fee                      (1.00)      17.36302808      (0.058)    99.432             1,726.44
1-24-97       Contract Fee                      (1.00)      19.93765368      (0.050)    99.382             1,981.44
1-24-98       Contract Fee                      (1.00)      24.03879635      (0.042)    99.340             2,388.02
1-24-99       Contract Fee                      (1.00)      25.56082085      (0.039)    99.301             2,538.22
12-31-99      Value before Surr Chg                         26.14748139       0.000     99.301             2,596.48
12-31-99      Contract Fee                      (1.00)      26.14748139      (0.038)    99.263             2,595.48
12-31-99      Surrender Charge                   0.00       26.14748139       0.000     99.263             2,595.48
Cumulative Total Returns without/with chgs.                     161.47% A                                   159.55% C
Avg. Annual Total Returns without/with chgs.                      9.18% B                                     9.11% 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)       9.99164502      (0.100)    99.900               998.16
1-24-91       Contract Fee                      (1.00)       8.99722270      (0.111)    99.789               897.82
1-24-92       Contract Fee                      (1.00)      11.88821941      (0.084)    99.705             1,185.31
1-24-93       Contract Fee                      (1.00)      13.44703876      (0.074)    99.630             1,339.73
1-24-94       Contract Fee                      (1.00)      15.36027784      (0.065)    99.565             1,529.35
1-24-95       Contract Fee                      (1.00)      14.72506391      (0.068)    99.497             1,465.10
1-24-96       Contract Fee                      (1.00)      17.51218685      (0.057)    99.440             1,741.41
1-24-97       Contract Fee                      (1.00)      19.46632780      (0.051)    99.389             1,934.73
1-24-98       Contract Fee                      (1.00)      21.49896803      (0.047)    99.342             2,135.76
1-24-99       Contract Fee                      (1.00)      21.36612521      (0.047)    99.295             2,121.56
12-31-99      Value before Surr Chg                         20.89988452       0.000     99.295             2,075.26
12-31-99      Contract Fee                      (1.00)      20.89988452      (0.048)    99.248             2,074.26
12-31-99      Surrender Charge                   0.00       20.89988452       0.000     99.248             2,074.26
Cumulative Total Returns without/with chgs.                     109.00% A                                   107.43% C
Avg. Annual Total Returns without/with chgs.                      6.97% B                                     6.90% 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)      10.71309911      (0.093)    99.907             1,070.31
1-24-91       Contract Fee                      (1.00)       9.95244729      (0.100)    99.806               993.32
1-24-92       Contract Fee                      (1.00)      14.03346495      (0.071)    99.735             1,399.63
1-24-93       Contract Fee                      (1.00)      15.36060973      (0.065)    99.670             1,530.99
1-24-94       Contract Fee                      (1.00)      17.72926867      (0.056)    99.613             1,766.07
1-24-95       Contract Fee                      (1.00)      16.36456157      (0.061)    99.552             1,629.13
1-24-96       Contract Fee                      (1.00)      20.20965612      (0.049)    99.503             2,010.92
1-24-97       Contract Fee                      (1.00)      21.90254020      (0.046)    99.457             2,178.36
1-24-98       Contract Fee                      (1.00)      24.74259869      (0.040)    99.417             2,459.83
1-24-99       Contract Fee                      (1.00)      24.74448234      (0.040)    99.376             2,459.02
12-31-99      Value before Surr Chg                         24.32274932       0.000     99.376             2,417.11
12-31-99      Contract Fee                      (1.00)      24.32274932      (0.041)    99.335             2,416.11
12-31-99      Surrender Charge                   0.00       24.32274932       0.000     99.335             2,416.11
Cumulative Total Returns without/with chgs.                     143.23% A                                   141.61% C
Avg. Annual Total Returns without/with chgs.                      8.46% B                                     8.40% 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)      10.67978818      (0.094)    99.906             1,066.98
1-24-91       Contract Fee                      (1.00)      11.32877884      (0.088)    99.818             1,130.82
1-24-92       Contract Fee                      (1.00)      11.75876120      (0.085)    99.733             1,172.74
1-24-93       Contract Fee                      (1.00)      11.94119334      (0.084)    99.649             1,189.93
1-24-94       Contract Fee                      (1.00)      12.07592840      (0.083)    99.566             1,202.36
1-24-95       Contract Fee                      (1.00)      12.38828249      (0.081)    99.486             1,232.46
1-24-96       Contract Fee                      (1.00)      12.92030455      (0.077)    99.408             1,284.39
1-24-97       Contract Fee                      (1.00)      13.39088993      (0.075)    99.334             1,330.17
1-24-98       Contract Fee                      (1.00)      13.89829761      (0.072)    99.262             1,379.57
1-24-99       Contract Fee                      (1.00)      14.41383092      (0.069)    99.192             1,429.74
12-31-99      Value before Surr Chg                         14.86037176       0.000     99.192             1,474.04
12-31-99      Contract Fee                      (1.00)      14.86037176      (0.067)    99.125             1,473.04
12-31-99      Surrender Charge                   0.00       14.86037176       0.000     99.125             1,473.04
Cumulative Total Returns without/with chgs.                      48.60% A                                    47.30% C
Avg. Annual Total Returns without/with chgs.                      3.69% B                                     3.60% 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)      11.84027297      (0.084)    99.916             1,183.03
11-8-98       Contract Fee                      (1.00)      10.96095902      (0.091)    99.824             1,094.17
11-8-99       Contract Fee                      (1.00)      12.40318097      (0.081)    99.744             1,237.14
12-31-99      Contract Fee                      (1.00)      13.70059906      (0.073)    99.671             1,365.55
12-31-99      Value before Surr Chg                         13.70059906       0.000     99.671             1,365.55
12-31-99      Surrender Charge                 (12.00)      13.70059906      (0.876)    98.795             1,353.55
Cumulative Total Returns without/with chgs.                      37.01% A                                    35.35% C
Avg. Annual Total Returns without/with chgs.                     10.53% B                                    10.10% 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)      11.76129584      (0.085)    99.915             1,175.13
11-8-98       Contract Fee                      (1.00)      11.59398963      (0.086)    99.829             1,157.41
11-8-99       Contract Fee                      (1.00)      12.84267427      (0.078)    99.751             1,281.07
12-31-99      Contract Fee                      (1.00)      13.23680837      (0.076)    99.675             1,319.38
12-31-99      Value before Surr Chg                         13.23680837       0.000     99.675             1,319.38
12-31-99      Surrender Charge                 (12.00)      13.23680837      (0.907)    98.769             1,307.38
Cumulative Total Returns without/with chgs.                      32.37% A                                    30.74% C
Avg. Annual Total Returns without/with chgs.                      9.33% B                                     8.90% D

                                            Natural Resource Securities
1-24-89       Purchase                      $1,000.00      $10.00000000     100.000    100.000            $1,000.00
1-24-90       Contract Fee                      (1.00)      12.89722725      (0.078)    99.922             1,288.72
1-24-91       Contract Fee                      (1.00)       9.78594476      (0.102)    99.820               976.84
1-24-92       Contract Fee                      (1.00)      10.94243678      (0.091)    99.729             1,091.28
1-24-93       Contract Fee                      (1.00)       9.15485419      (0.109)    99.620               912.00
1-24-94       Contract Fee                      (1.00)      14.48022000      (0.069)    99.551             1,441.51
1-24-95       Contract Fee                      (1.00)      13.03370860      (0.077)    99.474             1,296.51
1-24-96       Contract Fee                      (1.00)      15.98656882      (0.063)    99.411             1,589.25
1-24-97       Contract Fee                      (1.00)      13.82698418      (0.072)    99.339             1,373.56
1-24-98       Contract Fee                      (1.00)      10.60761568      (0.094)    99.245             1,052.75
1-24-99       Contract Fee                      (1.00)       8.26532170      (0.121)    99.124               819.29
12-31-99      Value before Surr Chg                         11.09169503       0.000     99.124             1,099.45
12-31-99      Contract Fee                      (1.00)      11.09169503      (0.090)    99.034             1,098.45
12-31-99      Surrender Charge                   0.00       11.09169503       0.000     99.034             1,098.45
Cumulative Total Returns without/with chgs.                      10.92% A                                     9.85% C
Avg. Annual Total Returns without/with chgs.                      0.95% B                                     0.86% 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)      10.13988901      (0.099)    99.901             1,012.99
1-24-91       Contract Fee                      (1.00)       9.37706788      (0.107)    99.795               935.78
1-24-92       Contract Fee                      (1.00)      12.28427530      (0.081)    99.713             1,224.91
1-24-93       Contract Fee                      (1.00)      13.54478625      (0.074)    99.640             1,349.60
1-24-94       Contract Fee                      (1.00)      15.37525910      (0.065)    99.574             1,530.98
1-24-95       Contract Fee                      (1.00)      15.00928122      (0.067)    99.508             1,493.54
1-24-96       Contract Fee                      (1.00)      18.15857148      (0.055)    99.453             1,805.92
1-24-97       Contract Fee                      (1.00)      23.95551361      (0.042)    99.411             2,381.44
1-24-98       Contract Fee                      (1.00)      28.04564576      (0.036)    99.375             2,787.05
1-24-99       Contract Fee                      (1.00)      22.75134710      (0.044)    99.331             2,259.92
12-31-99      Value before Surr Chg                         21.38599208       0.000     99.331             2,124.30
12-31-99      Contract Fee                      (1.00)      21.38599208      (0.047)    99.285             2,123.30
12-31-99      Surrender Charge                   0.00       21.38599208       0.000     99.285             2,123.30
Cumulative Total Returns without/with chgs.                     113.86% A                                   112.33% C
Avg. Annual Total Returns without/with chgs.                      7.20% B                                     7.13% 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)      10.69831588      (0.093)    99.907             1,068.83
1-27-94       Contract Fee                      (1.00)      10.38483458      (0.096)    99.810             1,036.51
1-27-95       Contract Fee                      (1.00)       9.97357882      (0.100)    99.710               994.47
1-27-96       Contract Fee                      (1.00)      12.53425589      (0.080)    99.630             1,248.79
1-27-97       Contract Fee                      (1.00)      15.27722507      (0.065)    99.565             1,521.07
1-27-98       Contract Fee                      (1.00)      19.83953724      (0.050)    99.514             1,974.32
1-27-99       Contract Fee                      (1.00)      19.83597117      (0.050)    99.464             1,972.96
12-31-99      Value before Surr Chg                         18.84623514       0.000     99.464             1,874.52
12-31-99      Contract Fee                      (1.00)      18.84623514      (0.053)    99.411             1,873.52
12-31-99      Surrender Charge                   0.00       18.84623514       0.000     99.411             1,873.52
Cumulative Total Returns without/with chgs.                      88.46% A                                    87.35% C
Avg. Annual Total Returns without/with chgs.                      8.32% B                                     8.24% 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)      12.15810442      (0.082)    99.918             1,214.81
11-1-97       Contract Fee                      (1.00)      15.56454139      (0.064)    99.854             1,554.17
11-1-98       Contract Fee                      (1.00)      12.53305565      (0.080)    99.774             1,250.47
11-1-99       Contract Fee                      (1.00)      19.95716227      (0.050)    99.724             1,990.20
12-31-99      Value before Surr Chg                         28.35274064       0.000     99.724             2,827.44
12-31-99      Contract Fee                      (1.00)      28.35274064      (0.035)    99.688             2,826.44
12-31-99      Surrender Charge                  (3.75)      28.35274064      (0.132)    99.556             2,822.69
Cumulative Total Returns without/with chgs.                     183.53% A                                   182.27% C
Avg. Annual Total Returns without/with chgs.                     28.41% B                                    28.28% 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)       8.62834892      (0.116)    99.884               861.83
3-15-96       Contract Fee                      (1.00)      10.29583833      (0.097)    99.787             1,027.39
3-15-97       Contract Fee                      (1.00)      12.45337068      (0.080)    99.707             1,241.68
3-15-98       Contract Fee                      (1.00)      10.55209904      (0.095)    99.612             1,051.11
3-15-99       Contract Fee                      (1.00)       8.22372879      (0.122)    99.490               818.18
12-31-99      Value before Surr Chg                         12.18796363       0.000     99.490             1,212.58
12-31-99      Contract Fee                      (1.00)      12.18796363      (0.082)    99.408             1,211.58
12-31-99      Surrender Charge                   0.00       12.18796363       0.000     99.408             1,211.58
Cumulative Total Returns without/with chgs.                      21.88% A                                    21.16% C
Avg. Annual Total Returns without/with chgs.                      3.47% B                                     3.36% 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)      11.25238520      (0.089)    99.911             1,124.24
5-1-97        Contract Fee                      (1.00)      12.77282148      (0.078)    99.833             1,275.15
5-1-98        Contract Fee                      (1.00)      14.99206191      (0.067)    99.766             1,495.70
5-1-99        Contract Fee                      (1.00)      14.16674072      (0.071)    99.696             1,412.36
12-31-99      Value before Surr Chg                         14.40812335       0.000     99.696             1,436.43
12-31-99      Contract Fee                      (1.00)      14.40812335      (0.069)    99.626             1,435.43
12-31-99      Surrender Charge                  (3.75)      14.40812335      (0.260)    99.366             1,431.68
Cumulative Total Returns without/with chgs.                      44.08% A                                    43.17% C
Avg. Annual Total Returns without/with chgs.                      8.13% B                                     7.98% 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)      10.10361218      (0.099)    99.901             1,009.36
3-15-96       Contract Fee                      (1.00)      11.81545835      (0.085)    99.816             1,179.38
3-15-97       Contract Fee                      (1.00)      14.09972316      (0.071)    99.745             1,406.38
3-15-98       Contract Fee                      (1.00)      16.74256384      (0.060)    99.686             1,668.99
3-15-99       Contract Fee                      (1.00)      16.19624499      (0.062)    99.624             1,613.53
12-31-99      Value before Surr Chg                         19.46559691       0.000     99.624             1,939.24
12-31-99      Contract Fee                      (1.00)      19.46559691      (0.051)    99.573             1,938.24
12-31-99      Surrender Charge                   0.00       19.46559691       0.000     99.573             1,938.24
Cumulative Total Returns without/with chgs.                      94.66% A                                    93.82% C
Avg. Annual Total Returns without/with chgs.                     12.17% B                                    12.09% 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)      10.86134310      (0.092)    99.908             1,085.13
1-24-91       Contract Fee                      (1.00)      11.78457305      (0.085)    99.823             1,176.37
1-24-92       Contract Fee                      (1.00)      12.96036211      (0.077)    99.746             1,292.74
1-24-93       Contract Fee                      (1.00)      12.79597793      (0.078)    99.668             1,275.35
1-24-94       Contract Fee                      (1.00)      14.83430587      (0.067)    99.600             1,477.50
1-24-95       Contract Fee                      (1.00)      13.57814674      (0.074)    99.527             1,351.39
1-24-96       Contract Fee                      (1.00)      15.44939311      (0.065)    99.462             1,536.63
1-24-97       Contract Fee                      (1.00)      16.58044652      (0.060)    99.402             1,648.12
1-24-98       Contract Fee                      (1.00)      17.07240899      (0.059)    99.343             1,696.03
1-24-99       Contract Fee                      (1.00)      17.97345963      (0.056)    99.287             1,784.54
12-31-99      Value before Surr Chg                         16.63474333       0.000     99.287             1,651.62
12-31-99      Contract Fee                      (1.00)      16.63474333      (0.060)    99.227             1,650.62
12-31-99      Surrender Charge                   0.00       16.63474333       0.000     99.227             1,650.62
Cumulative Total Returns without/with chgs.                      66.35% A                                    65.06% C
Avg. Annual Total Returns without/with chgs.                      4.76% B                                     4.69% 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)       9.54360836      (0.105)    99.895               953.36
1-27-94       Contract Fee                      (1.00)      12.87738433      (0.078)    99.818             1,285.39
1-27-95       Contract Fee                      (1.00)      11.94433728      (0.084)    99.734             1,191.25
1-27-96       Contract Fee                      (1.00)      13.57666972      (0.074)    99.660             1,353.05
1-27-97       Contract Fee                      (1.00)      16.22074645      (0.062)    99.599             1,615.56
1-27-98       Contract Fee                      (1.00)      17.53929087      (0.057)    99.542             1,745.89
1-27-99       Contract Fee                      (1.00)      17.83596631      (0.056)    99.485             1,774.42
12-31-99      Value before Surr Chg                         23.02199633       0.000     99.485             2,290.35
12-31-99      Contract Fee                      (1.00)      23.02199633      (0.043)    99.442             2,289.35
12-31-99      Surrender Charge                   0.00       23.02199633       0.000     99.442             2,289.35
Cumulative Total Returns without/with chgs.                     130.22% A                                   128.94% C
Avg. Annual Total Returns without/with chgs.                     11.09% B                                    11.01% 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)     $11.33025487      (0.088)    99.912             1,132.03
5-1-98        Contract Fee                      (1.00)     $12.05591756      (0.083)    99.829             1,203.53
5-1-99        Contract Fee                      (1.00)     $10.37516209      (0.096)    99.732             1,034.74
12-31-99      Value before Surr Chg                        $11.44110306       0.000     99.732             1,141.05
12-31-99      Contract Fee                      (1.00)     $11.44110306      (0.087)    99.645             1,140.05
12-31-99      Surrender Charge                 (12.00)     $11.44110306      (1.049)    98.596             1,128.05
Cumulative Total Returns without/with chgs.                      14.41% A                                    12.80% C
Avg. Annual Total Returns without/with chgs.                      3.74% B                                     3.34% 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)       9.92851087      (0.101)    99.899               991.85
1-27-94       Contract Fee                      (1.00)      14.10178760      (0.071)    99.828             1,407.76
1-27-95       Contract Fee                      (1.00)      11.94769270      (0.084)    99.745             1,191.72
1-27-96       Contract Fee                      (1.00)      14.49670523      (0.069)    99.676             1,444.97
1-27-97       Contract Fee                      (1.00)      14.65338680      (0.068)    99.607             1,459.59
1-27-98       Contract Fee                      (1.00)       8.46694943      (0.118)    99.489               842.37
1-27-99       Contract Fee                      (1.00)       7.87667640      (0.127)    99.362               782.65
12-31-99      Value before Surr Chg                         10.91531713       0.000     99.362             1,084.57
12-31-99      Contract Fee                      (1.00)      10.91531713      (0.092)    99.271             1,083.57
12-31-99      Surrender Charge                   0.00       10.91531713       0.000     99.271             1,083.57
Cumulative Total Returns without/with chgs.                       9.15% A                                     8.36% C
Avg. Annual Total Returns without/with chgs.                      1.11% B                                     1.02% 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)      10.30827187      (0.097)    99.903             1,029.83
3-14-91       Contract Fee                      (1.00)      11.46249369      (0.087)    99.816             1,144.14
3-14-92       Contract Fee                      (1.00)      12.40064739      (0.081)    99.735             1,236.78
3-14-93       Contract Fee                      (1.00)      14.10187466      (0.071)    99.664             1,405.45
3-14-94       Contract Fee                      (1.00)      14.26756989      (0.070)    99.594             1,420.97
3-14-95       Contract Fee                      (1.00)      14.67370156      (0.068)    99.526             1,460.41
3-14-96       Contract Fee                      (1.00)      15.92525376      (0.063)    99.463             1,583.98
3-14-97       Contract Fee                      (1.00)      16.72689010      (0.060)    99.403             1,662.71
3-14-98       Contract Fee                      (1.00)      18.19344503      (0.055)    99.348             1,807.49
3-14-99       Contract Fee                      (1.00)      18.93536310      (0.053)    99.296             1,880.20
12-31-99      Value before Surr Chg                         18.57397398       0.000     99.296             1,844.31
12-31-99      Contract Fee                      (1.00)      18.57397398      (0.054)    99.242             1,843.31
12-31-99      Surrender Charge                   0.00       18.57397398       0.000     99.242             1,843.31
Cumulative Total Returns without/with chgs.                      85.74% A                                    84.33% C
Avg. Annual Total Returns without/with chgs.                      5.90% B                                     5.82% D

                                                  Utility Equity
1-24-89       Purchase                      $1,000.00      $10.00000000     100.000    100.000            $1,000.00
1-24-90       Contract Fee                      (1.00)      11.48396786      (0.087)    99.913             1,147.40
1-24-91       Contract Fee                      (1.00)      11.97256112      (0.084)    99.829             1,195.21
1-24-92       Contract Fee                      (1.00)      14.23979461      (0.070)    99.759             1,420.55
1-24-93       Contract Fee                      (1.00)      15.97559846      (0.063)    99.697             1,592.71
1-24-94       Contract Fee                      (1.00)      16.50535338      (0.061)    99.636             1,644.53
1-24-95       Contract Fee                      (1.00)      15.57082971      (0.064)    99.572             1,550.42
1-24-96       Contract Fee                      (1.00)      19.81799066      (0.050)    99.521             1,972.31
1-24-97       Contract Fee                      (1.00)      20.96455989      (0.048)    99.474             2,085.42
1-24-98       Contract Fee                      (1.00)      25.18650535      (0.040)    99.434             2,504.39
1-24-99       Contract Fee                      (1.00)      28.07635720      (0.036)    99.398             2,790.74
12-31-99      Value before Surr Chg                         38.91678151       0.000     99.398             3,868.26
12-31-99      Contract Fee                      (1.00)      38.91678151      (0.026)    99.373             3,867.26
12-31-99      Surrender Charge                   0.00       38.91678151       0.000     99.373             3,867.26
Cumulative Total Returns without/with chgs.                     289.17% A                                   286.73% C
Avg. Annual Total Returns without/with chgs.                     13.23% B                                    13.16% 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)      10.38718687      (0.096)    99.904             1,037.72
3-14-91       Contract Fee                      (1.00)      11.51435997      (0.087)    99.817             1,149.33
3-14-92       Contract Fee                      (1.00)      12.66478418      (0.079)    99.738             1,263.16
3-14-93       Contract Fee                      (1.00)      15.54092694      (0.064)    99.674             1,549.02
3-14-94       Contract Fee                      (1.00)      16.04445243      (0.062)    99.611             1,598.21
3-14-95       Contract Fee                      (1.00)      16.25253463      (0.062)    99.550             1,617.94
3-14-96       Contract Fee                      (1.00)      17.85770371      (0.056)    99.494             1,776.73
3-14-97       Contract Fee                      (1.00)      18.44735099      (0.054)    99.440             1,834.40
3-14-98       Contract Fee                      (1.00)      19.76702265      (0.051)    99.389             1,964.62
3-14-99       Contract Fee                      (1.00)      20.68388118      (0.048)    99.341             2,054.75
12-31-99      Value before Surr Chg                         21.02275632       0.000     99.341             2,088.41
12-31-99      Contract Fee                      (1.00)      21.02275632      (0.048)    99.293             2,087.41
12-31-99      Surrender Charge                   0.00       21.02275632       0.000     99.293             2,087.41
Cumulative Total Returns without/with chgs.                     110.23% A                                   108.74% C
Avg. Annual Total Returns without/with chgs.                      7.12% B                                     7.05% 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)      10.39705125      (0.096)    99.904             1,038.71
3-14-91       Contract Fee                      (1.00)      11.55409702      (0.087)    99.817             1,153.30
3-14-92       Contract Fee                      (1.00)      12.66096149      (0.079)    99.738             1,262.78
3-14-93       Contract Fee                      (1.00)      16.42515250      (0.061)    99.677             1,637.22
3-14-94       Contract Fee                      (1.00)      16.93608169      (0.059)    99.618             1,687.14
3-14-95       Contract Fee                      (1.00)      17.21684038      (0.058)    99.560             1,714.11
3-14-96       Contract Fee                      (1.00)      19.49696512      (0.051)    99.509             1,940.12
3-14-97       Contract Fee                      (1.00)      20.18399547      (0.050)    99.459             2,007.49
3-14-98       Contract Fee                      (1.00)      22.91805949      (0.044)    99.416             2,278.42
3-14-99       Contract Fee                      (1.00)      24.26018714      (0.041)    99.375             2,410.85
12-31-99      Value before Surr Chg                         23.20546373       0.000     99.375             2,306.03
12-31-99      Contract Fee                      (1.00)      23.20546373      (0.043)    99.331             2,305.03
12-31-99      Surrender Charge                   0.00       23.20546373       0.000     99.331             2,305.03
Cumulative Total Returns without/with chgs.                     132.05% A                                   130.50% C
Avg. Annual Total Returns without/with chgs.                      8.10% B                                     8.03% 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)      10.26881437      (0.097)    99.903             1,025.88
3-14-91       Contract Fee                      (1.00)      11.36823998      (0.088)    99.815             1,134.72
3-14-92       Contract Fee                      (1.00)      12.29280886      (0.081)    99.733             1,226.00
3-14-93       Contract Fee                      (1.00)      16.18583635      (0.062)    99.672             1,613.27
3-14-94       Contract Fee                      (1.00)      16.90519720      (0.059)    99.612             1,683.97
3-14-95       Contract Fee                      (1.00)      17.12909328      (0.058)    99.554             1,705.27
3-14-96       Contract Fee                      (1.00)      19.99802778      (0.050)    99.504             1,989.88
3-14-97       Contract Fee                      (1.00)      20.76400623      (0.048)    99.456             2,065.10
3-14-98       Contract Fee                      (1.00)      25.18350257      (0.040)    99.416             2,503.65
3-14-99       Contract Fee                      (1.00)      26.58740692      (0.038)    99.379             2,642.22
12-31-99      Value before Surr Chg                         24.16356346       0.000     99.379             2,401.34
12-31-99      Contract Fee                      (1.00)      24.16356346      (0.041)    99.337             2,400.34
12-31-99      Surrender Charge                   0.00       24.16356346       0.000     99.337             2,400.34
Cumulative Total Returns without/with chgs.                     141.64% A                                   140.03% C
Avg. Annual Total Returns without/with chgs.                      8.51% B                                     8.44% 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)       8.69770930      (0.115)    99.885               868.77
12-31-99      Value before Surr Chg                          9.61538796       0.000     99.885               960.43
12-31-99      Contract Fee                      (1.00)       9.61538796      (0.104)    99.781               959.43
12-31-99      Surrender Charge                 (35.00)       9.61538796      (3.640)    96.141               924.43
Cumulative Total Returns without/with chgs.                      -3.85% A                                    -7.56% C
Avg. Annual Total Returns without/with chgs.                     -2.32% B                                    -4.60% 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)       7.79046525      (0.128)    99.872               778.05
12-31-99      Value before Surr Chg                          7.73575540       0.000     99.872               772.58
12-31-99      Contract Fee                      (1.00)       7.73575540      (0.129)    99.742               771.58
12-31-99      Surrender Charge                 (35.00)       7.73575540      (4.524)    95.218               736.58
Cumulative Total Returns without/with chgs.                     -22.64% A                                   -26.34% C
Avg. Annual Total Returns without/with chgs.                    -14.26% B                                   -16.74% D

                                                    AIM Growth
11-11-99      Purchase                      $1,000.00      $10.00000000     100.000    100.000            $1,000.00
12-31-99      Value before Surr Chg                         11.08408126       0.000    100.000             1,108.41
12-31-99      Contract Fee                      (1.00)      11.08408126      (0.090)    99.910             1,107.41
12-31-99      Surrender Charge                 (42.50)      11.08408126      (3.834)    96.075             1,064.91
Cumulative Total Returns without/with chgs.                      10.84% A                                     6.49% C
Avg. Annual Total Returns without/with chgs.                    111.99% B                                    58.26% D

                                                   Alger Growth
11-12-99      Purchase                      $1,000.00      $10.16109248      98.415     98.415            $1,000.00
12-31-99      Value before Surr Chg                         10.92242819       0.000     98.415             1,074.93
12-31-99      Contract Fee                      (1.00)      10.92242819      (0.092)    98.323             1,073.93
12-31-99      Surrender Charge                 (42.50)      10.92242819      (3.891)    94.432             1,031.43
Cumulative Total Returns without/with chgs.                       7.49% A                                     3.14% C
Avg. Annual Total Returns without/with chgs.                     71.29% B                                    25.92% D

                                              Alger Leveraged All-Cap
11-12-99      Purchase                      $1,000.00      $10.20978072      97.945     97.945            $1,000.00
12-31-99      Value before Surr Chg                         12.16034613       0.000     97.945             1,191.05
12-31-99      Contract Fee                      (1.00)      12.16034613      (0.082)    97.863             1,190.05
12-31-99      Surrender Charge                 (42.50)      12.16034613      (3.495)    94.368             1,147.55
Cumulative Total Returns without/with chgs.                      19.10% A                                    14.75% C
Avg. Annual Total Returns without/with chgs.                    267.79% B                                   178.76% D

                                                   S&P 500 Index
11-12-99      Purchase                      $1,000.00      $10.06912718      99.313     99.313            $1,000.00
12-31-99      Value before Surr Chg                         10.46650106       0.000     99.313             1,039.46
12-31-99      Contract Fee                      (1.00)      10.46650106      (0.096)    99.218             1,038.46
12-31-99      Surrender Charge                 (42.50)      10.46650106      (4.061)    95.157               995.96
Cumulative Total Returns without/with chgs.                       3.95% A                                    -0.40% C
Avg. Annual Total Returns without/with chgs.                     33.42% B                                    -2.97% D

                                                    USA Growth
11-12-99      Purchase                      $1,000.00      $10.09872067      99.022     99.022            $1,000.00
12-31-99      Value before Surr Chg                         10.73261736       0.000     99.022             1,062.77
12-31-99      Contract Fee                      (1.00)      10.73261736      (0.093)    98.929             1,061.77
12-31-99      Surrender Charge                 (42.50)      10.73261736      (3.960)    94.969             1,019.27
Cumulative Total Returns without/with chgs.                       6.28% A                                     1.93% C
Avg. Annual Total Returns without/with chgs.                     57.38% B                                    15.28% D

                                                 USA Fixed Income
11-12-99      Purchase                      $1,000.00      $10.04976497      99.505     99.505            $1,000.00
12-31-99      Value before Surr Chg                          9.75058949       0.000     99.505               970.23
12-31-99      Contract Fee                      (1.00)       9.75058949      (0.103)    99.402               969.23
12-31-99      Surrender Charge                 (42.50)       9.75058949      (4.359)    95.044               926.73
Cumulative Total Returns without/with chgs.                      -2.98% A                                    -7.33% C
Avg. Annual Total Returns without/with chgs.                    -20.16% B                                   -43.27% D

                                               USA Diversified Asset
11-12-99      Purchase                      $1,000.00      $10.04941533      99.508     99.508            $1,000.00
12-31-99      Value before Surr Chg                         10.16971998       0.000     99.508             1,011.97
12-31-99      Contract Fee                      (1.00)      10.16971998      (0.098)    99.410             1,010.97
12-31-99      Surrender Charge                 (42.50)      10.16971998      (4.179)    95.231               968.47
Cumulative Total Returns without/with chgs.                       1.20% A                                    -3.15% C
Avg. Annual Total Returns without/with chgs.                      9.27% B                                   -21.23% D

A =
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

</TABLE>