<TABLE>
                                                 FRANKLIN VALUEMARK III
                                            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                (51.00)     $20.21840693      (2.522)      61.637     1,246.20
Cumulative and Average Annual Total Returns
              without/with charges                              29.82% A                              24.62% 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                (51.00)     $26.14748139      (1.950)      36.141       944.99
Cumulative and Average Annual Total Returns
              without/with charges                              -0.30% A                              -5.50% 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                (51.00)     $20.89988452      (2.440)      44.663       933.45
Cumulative and Average Annual Total Returns
              without/with charges                              -1.46% A                              -6.66% 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                (51.00)     $24.32274932      (2.097)      37.668       916.20
Cumulative and Average Annual Total Returns
              without/with charges                              -3.18% A                              -8.38% 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                (51.00)     $14.86037176      (3.432)      66.015       981.01
Cumulative and Average Annual Total Returns
              without/with charges                               3.30% A                              -1.90% 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                (51.00)     $13.70059906      (3.722)      85.282     1,168.41
Cumulative and Average Annual Total Returns
              without/with charges                              22.04%                                16.84%

                                                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                (51.00)     $13.23680837      (3.853)      80.554     1,066.28
Cumulative and Average Annual Total Returns
              without/with charges                              11.83%                                 6.63%

                                              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                (51.00)     $11.09169503      (4.598)     112.883     1,252.07
Cumulative and Average Annual Total Returns
              without/with charges                              30.41% A                              25.21% 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                (51.00)     $21.38599208      (2.385)      40.846       873.53
Cumulative and Average Annual Total Returns
              without/with charges                              -7.45% A                             -12.65% 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                (51.00)     $18.84623514      (2.706)      44.488       838.42
Cumulative and Average Annual Total Returns
              without/with charges                             -10.96% A                             -16.16% 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                (51.00)     $28.35274064      (1.799)      66.661     1,890.02
Cumulative and Average Annual Total Returns
              without/with charges                              94.20%                                89.00%

                                          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                (51.00)     $12.18796363      (4.184)     120.849     1,472.90
Cumulative and Average Annual Total Returns
              without/with charges                              52.49% A                              47.29% 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                (51.00)     $14.40812335      (3.540)      69.982     1,008.31
Cumulative and Average Annual Total Returns
              without/with charges                               6.03% A                               0.83% 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                (51.00)     $19.46559691      (2.620)      58.646     1,141.58
Cumulative and Average Annual Total Returns
              without/with charges                              19.36% A                              14.16% 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                (51.00)     $16.63474333      (3.066)      52.724       877.05
Cumulative and Average Annual Total Returns
              without/with charges                              -7.10% A                             -12.30% 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                (51.00)     $23.02199633      (2.215)      51.981     1,196.72
Cumulative and Average Annual Total Returns
              without/with charges                              24.87% A                              19.67% 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                (51.00)     $11.44110306      (4.458)     102.242     1,169.76
Cumulative and Average Annual Total Returns
              without/with charges                              22.18% A                              16.98% 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                (51.00)     $10.91531713      (4.672)     119.022     1,299.16
Cumulative and Average Annual Total Returns
              without/with charges                              35.12% A                              29.92% 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                (51.00)     $18.57397398      (2.746)      49.792       924.84
Cumulative and Average Annual Total Returns
              without/with charges                              -2.32% A                              -7.52% 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                (51.00)     $38.91678151      (1.310)      33.990     1,322.77
Cumulative and Average Annual Total Returns
              without/with charges                              37.48% A                              32.28% 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                (51.00)     $21.02275632      (2.426)      45.872       964.36
Cumulative and Average Annual Total Returns
              without/with charges                               1.64% A                              -3.56% 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                (51.00)     $23.20546373      (2.198)      37.755       876.11
Cumulative and Average Annual Total Returns
              without/with charges                              -7.19% A                             -12.39% 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                (51.00)     $24.16356346      (2.111)      33.664       813.45
Cumulative and Average Annual Total Returns
              without/with charges                             -13.46% A                             -18.66% 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                (51.00)      $9.61538796      (5.304)      88.841       854.24
Cumulative and Average Annual Total Returns
              without/with charges                              -9.38% A                             -14.58% 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                (51.00)      $7.73575540      (6.593)     122.855       950.37
Cumulative and Average Annual Total Returns
              without/with charges                               0.24% A                              -4.96% 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>
                                            FRANKLIN VALUEMARK III
                                       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 without/with chrgs.                     79.65%                              77.07%
Avg. Annual Total Returns without/with chrgs.                    21.57%                              20.98%

                                              Growth and Income
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

                                                 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%                              32.04%
Avg. Annual Total Returns without/with chrgs.                    10.41%                               9.71%

                                           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%                              25.62%
Avg. Annual Total Returns without/with chrgs.                     8.62%                               7.90%

                                         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%                             116.89%
Average Annual Total Returns without/with charges                29.97%                              29.44%

                                     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)     $13.78572229      (0.073)    79.837     1,100.61
12-31-98      Contract Fee                      (1.00)     $13.58859831      (0.074)    79.763     1,083.87
12-31-99      Contract Fee                      (1.00)     $14.40812335      (0.069)    79.694     1,148.24
12-31-99      Value before Surr Chg                        $14.40812335       0.000     79.694     1,148.24
12-31-99      Surrender Charge                 (22.00)     $14.40812335      (1.527)    78.167     1,126.24
Cumulative Total Returns without/with chrgs.                     15.13% A                            12.62% C
Avg. Annual Total Returns without/with chrgs.                     4.81% B                             4.04% 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%
Avg. Annual Total Returns without/with chrgs.                     0.88% B                             0.04%

                                           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>
                                            FRANKLIN VALUEMARK III
                                       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 III
                                       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%
Avg. Annual Total Returns without/with chrgs.                    9.89% B                             9.82%

                                               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%
Avg. Annual Total Returns without/with chrgs.                    7.63% B                             7.56%

                                            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%
Avg. Annual Total Returns without/with chrgs.                    8.47% B                             8.41%

                                               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%
Avg. Annual Total Returns without/with chrgs.                    3.40% B                             3.31%


                                       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%
Avg. Annual Total Returns without/with chrgs.                   -0.99% B                            -1.09%

                                          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%
Avg. Annual Total Returns without/with chrgs.                    7.51% B                             7.44%


                                    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%
Avg. Annual Total Returns without/with chrgs.                    4.40% B                             4.32%

                                        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%
Avg. Annual Total Returns without/with chrgs.                    5.94% B                             5.87%

                                        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%
Avg. Annual Total Returns without/with chrgs.                   12.48% B                            12.40%

                                            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%
Avg. Annual Total Returns without/with chrgs.                    6.73% B                             6.66%

                                            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%
Avg. Annual Total Returns without/with chrgs.                    7.36% B                             7.29%

                                            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%
Avg. Annual Total Returns without/with chrgs.                    7.72% B                             7.65%


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 III
                                       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 VI Growth
11-11-99      Purchase                      $1,000.00      $10.00000000     100.000    100.000    $1,000.00
12-31-99      Value before Surr Chg                        $11.08408126       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                 (51.00)     $11.08408126      (4.601)    95.309     1,056.41
Cumulative Total Returns without/with chgs.                      10.84% A                             5.64% C
Avg. Annual Total Returns without/with chgs.                    111.99% B                            49.27% 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                 (51.00)     $10.92242819      (4.669)    93.654     1,022.93
Cumulative Total Returns without/with chgs.                       7.49% A                             2.29% C
Avg. Annual Total Returns without/with chgs.                     71.29% B                            18.39% 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                 (51.00)     $12.16034613      (4.194)    93.669     1,139.05
Cumulative Total Returns without/with chgs.                      19.10% A                            13.90% C
Avg. Annual Total Returns without/with chgs.                    267.79% B                           163.74% D

                                            S&P 500 Index Fund
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                 (51.00)     $10.46650106      (4.873)    94.345       987.46
Cumulative Total Returns without/with chgs.                       3.95% A                            -1.25% C
Avg. Annual Total Returns without/with chgs.                     33.42% B                            -8.97% 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                 (51.00)     $10.73261736      (4.752)    94.177     1,010.77
Cumulative Total Returns without/with chgs.                       6.28% A                             1.08% C
Avg. Annual Total Returns without/with chgs.                     57.38% B                             8.31% 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                 (51.00)      $9.75058949      (5.230)    94.172       918.23
Cumulative Total Returns without/with chgs.                      -2.98% A                            -8.18% C
Avg. Annual Total Returns without/with chgs.                    -20.16% B                           -47.03% 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                 (51.00)     $10.16971998      (5.015)    94.395       959.97
Cumulative Total Returns without/with chgs.                       1.20% A                            -4.00% C
Avg. Annual Total Returns without/with chgs.                      9.27% B                           -26.24% D


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

</TABLE>