Document:

<PAGE>
EXHIBIT 10.3

NEITHER THIS SECURITY NOR THE SECURITIES INTO WHICH THIS SECURITY IS EXERCISABLE
HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE
SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES
ACT"), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN
AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE
SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO
SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE
COMPANY. THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS
SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER
LOAN SECURED BY SUCH SECURITIES

                             MIV THERAPEUTICS, INC.

                WARRANT TO PURCHASE ______ SHARES OF COMMON STOCK

                             (SUBJECT TO ADJUSTMENT)

                          (VOID AFTER MARCH ___, 2009)

PPW - __

         THIS COMMON STOCK PURCHASE WARRANT CERTIFIES that, for value received,
_____________ (the "HOLDER"), is entitled, upon the terms and subject to the
limitations on exercise and the conditions hereinafter set forth, at any time on
or after March ___, 2004 (the "EXERCISE DATE") and on or prior to the close of
business on March ___, 2009 (the "TERMINATION DATE"), but not thereafter, to
subscribe for and purchase from MIV Therapeutics, Inc., a Nevada corporation
(the "COMPANY"), up to ____________ shares (the "WARRANT SHARES"), of common
stock, par value $.001 per share, of the Company (the "COMMON STOCK"). The
initial purchase price of one (1) share of Common Stock under this Warrant shall
be (i) $0.66 (the "EXERCISE PRICE"). The Exercise Price and the number of
Warrant Shares for which the Warrant is exercisable shall be subject to
adjustment as provided elsewhere herein.

         CAPITALIZED TERMS USED AND NOT OTHERWISE DEFINED HEREIN SHALL HAVE THE
MEANINGS SET FORTH IN THAT CERTAIN SECURITIES PURCHASE AGREEMENT DATED THE DATE
HEREOF AND BETWEEN THE COMPANY AND THE PURCHASERS SET FORTH ON SCHEDULE 1
THERETO (THE "PURCHASE AGREEMENT").

<PAGE>

         1. TITLE TO WARRANT. Prior to the Termination Date and subject to
compliance with applicable laws and SECTION 7 of this Warrant, this Warrant and
all rights hereunder are transferable, in whole or in part, at the office or
agency of the Company by the Holder in person or by duly authorized attorney,
upon surrender of this Warrant together with the Assignment Form annexed hereto
properly endorsed. The transferee shall sign an investment letter in form and
substance reasonably satisfactory to the Company.

         2. AUTHORIZATION OF SHARES. The Company covenants that all Warrant
Shares which may be issued upon the exercise of the purchase rights represented
by this Warrant will, upon exercise of the purchase rights represented by this
Warrant, be duly authorized, validly issued, fully paid and nonassessable and
free from all taxes, liens and charges in respect of the issue thereof (other
than taxes in respect of any transfer occurring contemporaneously with such
issue and liens and charges incurred by the Holder).

         3. EXERCISE OF WARRANT

                  (a) Exercise of the purchase rights represented by this
Warrant may be made at any time or times on or after the Exercise Date and on or
before the Termination Date by the surrender of this Warrant and the Notice of
Exercise Form annexed hereto duly executed, at the office of the Company (or
such other office or agency of the Company as it may designate by notice in
writing to the registered Holder at the address of such Holder appearing on the
books of the Company), and upon payment of the Exercise Price of the Warrant
Shares (subject to SECTION 3(D) below), thereby purchased by wire transfer or
cashier's check drawn on a United States bank or by means of a cashless exercise
pursuant and subject to SECTION 3(D), the Holder shall be entitled to receive a
certificate for the number of Warrant Shares so purchased. Certificates for
Warrant Shares purchased hereunder shall be delivered to the Holder within three
(3) Trading Days after the date on which this Warrant shall have been exercised
as aforesaid. This Warrant shall be deemed to have been exercised and such
certificate or certificates shall be deemed to have been issued, and the Holder
or any other person so designated to be named therein shall be deemed to have
become a holder of record of such shares for all purposes, as of the date the
Warrant has been properly exercised by receipt by the Company of the Notice to
Exercise and payment to the Company of the Exercise Price and all taxes required
to be paid by the Holder, if any, pursuant to SECTION 5 have been paid. If such
conditions by the Holder have been met, and the Company fails to deliver to the
Holder a certificate or certificates representing the Warrant Shares pursuant to
this SECTION 3(A) by the close of business on the third (3rd ) Trading Day after
the date of such conditions being met by the Holder, then the Holder will have
the right to rescind such exercise. In addition to any other rights available to
the Holder, if the Company fails to deliver to the Holder a certificate or
certificates representing the Warrant Shares pursuant to a proper exercise, by
the Holder, by the close of business on the third (3rd) Trading Day after the
date of exercise, and if after such third (3rd) Trading Day the Holder is
required by its broker to purchase (in an open market transaction or otherwise)
shares of Common Stock to deliver in satisfaction of a sale by the Holder of the
Warrant Shares which the Holder anticipated receiving upon such exercise (a
"BUY-IN"), then the Company shall, upon receipt of a letter from the Holder's
brokerage firm (or its clearing firm or similar organization) stating the amount
of the Buy-In, (1) pay in immediately available funds to the Holder the amount
by which (x) the Holder's total purchase price (including brokerage commissions,
if any) for the Warrant Shares so purchased exceeds (y) the amount obtained by
multiplying (A) the number of Warrant Shares that the Company was required to
deliver to the Holder in connection with the exercise at issue times (B) the
price at which the sell order giving rise to such purchase obligation was

                                       2

<PAGE>

executed, and (2) at the option of the Holder, either reinstate the portion of
the Warrant and equivalent number of Warrant Shares for which such exercise was
not honored or deliver to the Holder the number of shares of Common Stock that
would have been issued had the Company timely complied with its exercise and
delivery obligations hereunder. For example, if the Holder purchases Common
Stock having a total purchase price of $100 to cover a Buy-In with respect to an
attempted exercise of Warrant Shares with an aggregate sale price giving rise to
such purchase obligation of $80, under clause (1) of the immediately preceding
sentence the Company shall be required to pay the Holder $20. The Holder shall
provide the Company written notice indicating the amounts payable to the Holder
in respect of the Buy-In, together with applicable confirmations and other
evidence reasonably requested by the Company. Nothing herein shall limit a
Holder's right to pursue any other remedies available to it hereunder, at law or
in equity including, without limitation, a decree of specific performance and/or
injunctive relief with respect to the Company's failure to timely deliver
certificates representing Warrant Shares as required pursuant to the terms
hereof.

                  (b) If this Warrant shall have been exercised in part, the
Company shall, at the time of delivery of the certificate or certificates
representing Warrant Shares, deliver to Holder a new Warrant evidencing the
rights of Holder to purchase the unpurchased Warrant Shares called for by this
Warrant, which new Warrant shall in all other respects be identical with this
Warrant.

                  (c) The Company shall not effect any exercise of this Warrant,
and the Holder shall not have the right to exercise any portion of this Warrant,
pursuant to SECTION 3(a) or otherwise, to the extent that after giving effect to
such issuance after exercise, the Holder (together with the Holder's
Affiliates), as set forth on the applicable Notice of Exercise, would
beneficially own five 5% percent or greater of the number of shares of the
Common Stock issued and outstanding immediately after giving effect to such
issuance. For purposes of the foregoing sentence, the number of shares of Common
Stock beneficially owned by the Holder and its Affiliates shall include the
number of shares of Common Stock issuable upon exercise of this Warrant with
respect to which the determination of such sentence is being made, but shall
exclude the number of shares of Common Stock which would be issuable upon (A)
exercise of the remaining, nonexercised portion of this Warrant beneficially
owned by the Holder or any of its Affiliates and (B) exercise or conversion of
the unexercised or nonconverted portion of any other securities of the Company
(including, without limitation, any other Warrants) subject to a limitation on
conversion or exercise analogous to the limitation contained herein beneficially
owned by the Holder or any of its Affiliates. Except as set forth in the
preceding sentence, for purposes of this SECTION 3(c), beneficial ownership
shall be calculated in accordance with Section 13(d) of the Exchange Act. For
purposes of this SECTION 3(C), in determining the number of outstanding shares
of Common Stock, the Holder may rely on the number of outstanding shares of
Common Stock as reflected in (x) the Company's most recent Form 10-QSB or Form
10-KSB, as the case may be, (y) a more recent public announcement by the Company
or (z) any other notice by the Company or the Company's transfer agent setting
forth the number of shares of Common Stock outstanding. Upon the written or oral
request of the Holder, the Company shall within three (3) Trading Days confirm
orally and in writing to the Holder the number of shares of Common Stock then
outstanding. In any case, the number of outstanding shares of Company Common
Stock shall be determined after giving effect to the conversion or exercise of
securities of the Company, including this Warrant, by the Holder or its
Affiliates since the date as of which such number of outstanding shares of
Common Stock was reported. The provisions of this SECTION 3(c) may be waived by
the Holder upon, at the election of the Holder, not less than 61 days' prior
notice to the Company, and the provisions of this SECTION 3(c) shall continue to
apply until such 61st day (or such later date, as determined by the Holder, as
may be specified in such notice of waiver). The Holder is solely responsible for
all calculations required in this SECTION 3(c).

                                       3

<PAGE>

                  (d) This Warrant may also be exercised at such time by means
of a "cashless exercise" in which the Holder shall be entitled to receive a
certificate for the number of Warrant Shares equal to the quotient obtained by
dividing [(A-B) (X)] by (A), where:

                  (A) = the Closing Price on the Trading Day preceding the date
of such election;

                  (B) = the Exercise Price of the Warrants, as adjusted; and

                  (X) = the number of Warrant Shares issuable upon exercise of
                  the Warrants in accordance with the terms of this Warrant.

         4. NO FRACTIONAL SHARES OR SCRIP. No fractional shares or scrip
representing fractional shares shall be issued upon the exercise of this
Warrant. As to any fraction of a share which Holder would otherwise be entitled
to purchase upon such exercise, the Company shall pay a cash adjustment in
respect of such final fraction in an amount equal to such fraction multiplied by
the Exercise Price.

         5. CHARGES, TAXES AND EXPENSES. Issuance of certificates for Warrant
Shares shall be made without charge to the Holder for any issue or transfer tax
or other incidental expense in respect of the issuance of such certificate, all
of which taxes and expenses shall be paid by the Company, and such certificates
shall be issued in the name of the Holder or in such name or names as may be
directed by the Holder; provided, however, that in the event certificates for
Warrant Shares are to be issued in a name other than the name of the Holder,
this Warrant when surrendered for exercise shall be accompanied by the
Assignment Form attached hereto duly executed by the Holder; and the Company may
require, as a condition thereto, the payment of a sum sufficient to reimburse it
for any transfer tax incidental thereto.

         6. CLOSING OF BOOKS. The Company will not close its stockholder books
or records in any manner which prevents the timely exercise of this Warrant,
pursuant to the terms hereof.

         7. TRANSFER, DIVISION AND COMBINATION.

                  (a) Subject to compliance with any applicable securities laws
and the conditions set forth in SECTION 1 and SECTION 7(e) hereof and to the
provisions of SECTION 4.1 of the Purchase Agreement, this Warrant and all rights
hereunder are transferable, in whole or in part, upon surrender of this Warrant
at the principal office of the Company, together with a written assignment of
this Warrant substantially in the form attached hereto duly executed by the
Holder or its agent or attorney and funds sufficient to pay any transfer taxes
payable upon the making of such transfer. Upon such surrender and, if required,
such payment, the Company shall execute and deliver a new Warrant or Warrants in
the name of the assignee or assignees and in the denomination or denominations
specified in such instrument of assignment, and shall issue to the assignor a
new Warrant evidencing the portion of this Warrant not so assigned, and this
Warrant shall promptly be cancelled. A Warrant, if properly assigned, may be
exercised by a new holder for the purchase of Warrant Shares without having a
new Warrant issued.

                                       4

<PAGE>

                  (b) This Warrant may be divided or combined with other
Warrants upon presentation hereof at the aforesaid office of the Company,
together with a written notice specifying the names and denominations in which
new Warrants are to be issued, signed by the Holder or its agent or attorney.
Subject to compliance with Section 7(a), as to any transfer which may be
involved in such division or combination, the Company shall execute and deliver
a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided
or combined in accordance with such notice.

                  (c) The Company shall prepare, issue and deliver at its own
expense (other than transfer taxes) the new Warrant or Warrants under this
SECTION 7.

                  (d) The Company agrees to maintain, at its aforesaid office,
books for the registration and the registration of transfer of the Warrants.

                  (e) If, at the time of the surrender of this Warrant in
connection with any transfer of this Warrant, the transfer of this Warrant shall
not be registered pursuant to an effective registration statement under the
Securities Act and under applicable state securities or blue sky laws, the
Company may require, as a condition of allowing such transfer (i) that the
Holder or transferee of this Warrant, as the case may be, furnish to the Company
a written opinion of counsel (which opinion shall be in form, substance and
scope customary for opinions of counsel in comparable transactions) to the
effect that such transfer may be made without registration under the Securities
Act and under applicable state securities or blue sky laws, (ii) that the holder
or transferee execute and deliver to the Company an investment letter in form
and substance acceptable to the Company and (iii) that the transferee be an
"accredited investor" as defined in Rule 501(a) promulgated under the Securities
Act.

         8. NO RIGHTS AS SHAREHOLDER UNTIL EXERCISE. This Warrant does not
entitle the Holder to any voting rights or other rights as a shareholder of the
Company prior to the exercise hereof. Upon the surrender of this Warrant and the
payment of the aggregate Exercise Price (or by means of a cashless exercise),
the Warrant Shares so purchased shall be and be deemed to be issued to such
Holder as the record owner of such shares as of the close of business on the
later of the date of such surrender or payment.

         9. LOSS, THEFT, DESTRUCTION OR MUTILATION OF WARRANT. The Company
covenants that upon receipt by the Company of evidence reasonably satisfactory
to it of the loss, theft, destruction or mutilation of this Warrant or any stock
certificate relating to the Warrant Shares, and in case of loss, theft or
destruction, of indemnity or security reasonably satisfactory to it (which, in
the case of the Warrant, shall not include the posting of any bond), and upon
surrender and cancellation of such Warrant or stock certificate, if mutilated,
the Company will make and deliver a new Warrant or stock certificate of like
tenor and dated as of such cancellation, in lieu of such Warrant or stock
certificate.

                                       5

<PAGE>

         10. SATURDAYS, SUNDAYS, HOLIDAYS, ETC. If the last or appointed day for
the taking of any action or the expiration of any right required or granted
herein shall be a Saturday, Sunday or a legal holiday in the State of New York,
then such action may be taken or such right may be exercised on the next
succeeding day not a Saturday, Sunday or legal holiday in the State of New York.

         11. CERTAIN ADJUSTMENTS TO EXERCISE PRICE AND NUMBER OF WARRANT SHARES.
The number and kind of securities purchasable upon the exercise of this Warrant
and the Exercise Price shall be subject to adjustment from time to time upon the
happening of any of the following. In case the Company shall (i) pay a dividend
in shares of Common Stock or make a distribution in shares of Common Stock to
holders of its outstanding Common Stock, (ii) subdivide its outstanding shares
of Common Stock into a greater number of shares, (iii) combine its outstanding
shares of Common Stock into a smaller number of shares of Common Stock, or (iv)
issue any shares of its capital stock in a reclassification of the Common Stock,
then the number of Warrant Shares purchasable upon exercise of this Warrant
immediately prior thereto shall be adjusted so that the Holder shall be entitled
to receive the kind and number of Warrant Shares or other securities of the
Company which it would have owned or have been entitled to receive had such
Warrant been exercised in advance thereof. Upon each such adjustment of the kind
and number of Warrant Shares or other securities of the Company which are
purchasable hereunder pursuant to this SECTION 11, the Holder shall thereafter
be entitled to purchase the number of Warrant Shares or other securities
resulting from such adjustment at an Exercise Price per Warrant Share or other
security obtained by multiplying the Exercise Price in effect immediately prior
to such adjustment by the number of Warrant Shares purchasable pursuant hereto
immediately prior to such adjustment and dividing by the number of Warrant
Shares or other securities of the Company resulting from such adjustment. An
adjustment made pursuant to this paragraph shall become effective immediately
after the effective date of such event retroactive to the record date, if any,
for such event.

         12. REORGANIZATION, RECLASSIFICATION, MERGER, CONSOLIDATION OR
DISPOSITION OF ASSETS. In case the Company shall reorganize its capital,
reclassify its capital stock (other than as set forth in SECTION 11),
consolidate or merge with or into another corporation (where the Company is not
the surviving corporation or where there is a change in or distribution with
respect to any class of common stock of the Company), or sell, transfer or
otherwise dispose of all or substantially all its property, assets or business
to another corporation and, pursuant to the terms of such reorganization,
reclassification, merger, consolidation or disposition of assets, shares of
common stock of the successor or acquiring corporation, or any cash, shares of
stock or other securities or property of any nature whatsoever (including
warrants or other subscription or purchase rights) in addition to or in lieu of
common stock of the successor or acquiring corporation ("OTHER PROPERTY"), are
to be received by or distributed to the holders of Common Stock of the Company,
then the Holder shall have the right thereafter to receive, upon exercise of
this Warrant, the number of shares of Common Stock of the successor or acquiring
corporation or of the Company, if it is the surviving corporation, and Other
Property receivable upon or as a result of such reorganization,
reclassification, merger, consolidation or disposition of assets by a Holder of
the number of shares of Common Stock for which this Warrant is exercisable
immediately prior to such event. In case of any such reorganization,

                                       6

<PAGE>

reclassification, merger, consolidation or disposition of assets, the successor
or acquiring corporation (if other than the Company) and, if an entity different
from the successor or acquiring corporation, the entity whose capital stock or
assets the holders of the Common Stock are entitled to receive as a result of
such transaction, shall expressly assume the due and punctual observance and
performance of each and every covenant and condition of this Warrant to be
performed and observed by the Company and all the obligations and liabilities
hereunder, subject to such modifications as may be deemed appropriate (as
determined in good faith by resolution of the Board of Directors of the Company)
in order to provide for adjustments of Warrant Shares for which this Warrant is
exercisable which shall be as nearly equivalent as practicable to the
adjustments provided for in this SECTION 12. For purposes of this SECTION 12,
"COMMON STOCK OF THE SUCCESSOR OR ACQUIRING CORPORATION" shall include stock of
such corporation of any class which is not preferred as to dividends or assets
over any other class of stock of such corporation and which is not subject to
redemption and shall also include any evidences of indebtedness, shares of stock
or other securities which are convertible into or exchangeable for any such
stock, either immediately or upon the arrival of a specified date or the
happening of a specified event and any warrants or other rights to subscribe for
or purchase any such stock. The foregoing provisions of this SECTION 12 shall
similarly apply to successive reorganizations, reclassifications, mergers,
consolidations or disposition of assets.

         13. VOLUNTARY ADJUSTMENT BY THE COMPANY. The Company may at any time
during the term of this Warrant reduce the then current Exercise Price to any
amount and for any period of time deemed appropriate by the Board of Directors
of the Company.

         14. NOTICE OF ADJUSTMENT. Whenever the number of Warrant Shares or
number or kind of securities or other property purchasable upon the exercise of
this Warrant or the Exercise Price is adjusted, as herein provided, the Company
shall give notice thereof to the Holder, which notice shall state the number of
Warrant Shares (and other securities or property) purchasable upon the exercise
of this Warrant and the Exercise Price of such Warrant Shares (and other
securities or property) after such adjustment, setting forth a brief statement
of the facts requiring such adjustment and setting forth the computation by
which such adjustment was made.

         15. NOTICE OF CORPORATE ACTION. IF AT ANY TIME:

                  (a) the Company shall take a record of the holders of its
Common Stock for the purpose of entitling them to receive a dividend or other
distribution, or any right to subscribe for or purchase any evidences of its
indebtedness, any shares of stock of any class or any other securities or
property, or to receive any other right, or

                  (b) there shall be any capital reorganization of the Company,
any reclassification or recapitalization of the capital stock of the Company or
any consolidation or merger of the Company with, or any sale, transfer or other
disposition of all or substantially all the property, assets or business of the
Company to, another corporation or,

                  (c) there shall be a voluntary or involuntary dissolution,
liquidation or winding up of the Company;

                                       7

<PAGE>

then, in any one or more of such cases, the Company shall give to Holder (i) at
least 10 days' prior written notice of the date on which a record date shall be
selected for such dividend, distribution or right or for determining rights to
vote in respect of any such reorganization, reclassification, merger,
consolidation, sale, transfer, disposition, liquidation or winding up, and (ii)
in the case of any such reorganization, reclassification, merger, consolidation,
sale, transfer, disposition, dissolution, liquidation or winding up, at least 10
days' prior written notice of the date when the same shall take place. Such
notice in accordance with the foregoing clause also shall specify (i) the date
on which any such record is to be taken for the purpose of such dividend,
distribution or right, the date on which the holders of Common Stock shall be
entitled to any such dividend, distribution or right, and the amount and
character thereof, and (ii) the date on which any such reorganization,
reclassification, merger, consolidation, sale, transfer, disposition,
dissolution, liquidation or winding up is to take place and the time, if any
such time is to be fixed, as of which the holders of Common Stock shall be
entitled to exchange their Warrant Shares for securities or other property
deliverable upon such disposition, dissolution, liquidation or winding up. Each
such written notice shall be sufficiently given if addressed to Holder at the
last address of Holder appearing on the books of the Company and delivered in
accordance with SECTION 17(D). Failure to give such notice, or any defect
therein, shall not affect the validity of such action, so long as such failure
does not materially prejudice the rights of the Holders.

         16. AUTHORIZED SHARES. The Company covenants that during the period the
Warrant is outstanding, it will reserve from its authorized and unissued Common
Stock a sufficient number of shares to provide for the issuance of the Warrant
Shares upon the exercise of any purchase rights under this Warrant. The Company
further covenants that its issuance of this Warrant shall constitute full
authority to its officers who are charged with the duty of executing stock
certificates to execute and issue the necessary certificates for the Warrant
Shares upon the exercise of the purchase rights under this Warrant. The Company
will take all such reasonable action as may be necessary to assure that such
Warrant Shares may be issued as provided herein without violation of any
applicable law or regulation, or of any requirements of the principal Trading
Market upon which the Common Stock may be listed.

                  (a) Except and to the extent as waived or consented to by the
Holder, the Company shall not by any action, including, without limitation,
amending its certificate of incorporation or through any reorganization,
transfer of assets, consolidation, merger, dissolution, issue or sale of
securities or any other voluntary action, avoid or seek to avoid the observance
or performance of any of the terms of this Warrant, but will at all times in
good faith assist in the carrying out of all such terms and in the taking of all
such actions as may be necessary or appropriate to protect the rights of Holder
as set forth in this Warrant against impairment. Without limiting the generality
of the foregoing, the Company will (a) not increase the par value of any Warrant
Shares above the amount payable therefor upon such exercise immediately prior to
such increase in par value, (b) take all such action as may be necessary or
appropriate in order that the Company may validly and legally issue fully paid
and nonassessable Warrant Shares upon the exercise of this Warrant, and (c) use
commercially reasonable efforts to obtain all such authorizations, exemptions or
consents from any public regulatory body having jurisdiction thereof as may be
necessary to enable the Company to perform its obligations under this Warrant.

                  (b) Before taking any action which would result in an
adjustment in the number of Warrant Shares for which this Warrant is exercisable
or in the Exercise Price, the Company shall obtain all such authorizations or
exemptions thereof, or consents thereto, as may be necessary from any public
regulatory body or bodies having jurisdiction thereof.

                                       8

<PAGE>

         17. REGISTRATION.

                  (a) REGISTRATION. The Company hereby agrees to register the
Warrant Shares for resale as part of the Registration Statement (as defined in
the Registration Rights Agreement) it has agreed to file pursuant to Section 2
of that certain Registration Rights Agreement entered into on or about the date
hereof in connection with a private placement transaction.

                  (b) PIGGYBACK REGISTRATION. If, at any time during the five
(5) year period commencing on the date this Warrant is issued, the Warrant
Shares are not included in an effective registration statement, the Company
proposes to register any of its securities under the Securities Act (other than
pursuant to Form S-8, S-4 or a comparable registration statement), the Company
will give written notice by registered mail, at least twenty (20) days prior to
the filing of each such registration statement, to the Holder of its intention
to do so. If the Holder notifies the Company within ten (10) days after receipt
of any such notice of its or their desire to include any such securities in such
proposed registration statement, the Company shall afford the such Holder the
opportunity to have the Warrant Shares registered under such registration
statement; PROVIDED, HOWEVER, that notwithstanding anything to the contrary
provided herein or elsewhere, the Company shall, as noted above in subsection
(a) include all of the shares of Common Stock issuable upon execution of the
Warrant as part of the Registration Statement it is obligated to file pursuant
to the private placement and no notice need be provided by the Company or the
Holder; PROVIDED, FURTHER, that (i) if, at any time after giving written notice
of its intention to register any securities and prior to the effective date of
the registration statement filed in connection with such registration, the
Company determines for any reason not to proceed with such registration, the
Company will be relieved of its obligation to register any securities in
connection with such registration, and (ii) in case of a determination by the
Company to delay registration of its securities, the Company will be permitted
to delay the registration of the Warrant Shares for the same period as the delay
in registering such other securities.

         COVENANTS OF THE COMPANY WITH RESPECT TO REGISTRATION.

         In connection with any registration under SECTION 17(B) hereof, the
Company covenants and agrees as follows:

         (i) The Company shall furnish each Holder desiring to sell the Warrant
Shares such number of prospectuses as shall reasonably be requested.

         (ii) The Company shall pay all costs (excluding fees and expenses of
the Holder(s)' counsel and any other representatives retained by the Holder(s)
and any underwriting or selling commissions), fees and expenses in connection
with all registration statements filed pursuant to SECTION 17(B) hereof
including, without limitation, the Company's legal and accounting fees, printing
expenses, blue sky fees and expenses.

         (iii) The Company will take all necessary action which may be required
in qualifying or registering the Warrant Shares included in a registration
statement for offering and sale under the securities or blue sky laws of such
states as reasonably are requested by the Holder(s) provided that the Company
shall not be required to generally qualify to do business in any jurisdiction
where it is not then so qualified, subject the Company to any material tax in
any jurisdiction where it is not then so subject or file any general consent to
do business under the laws of any such jurisdiction.

                                       9

<PAGE>

         (iv) The Company shall indemnify the Holder(s) and each person, if any,
who controls such Holders within the meaning of Section 15 of the Securities Act
or Section 20(a) of the Securities Exchange Act of 1934, as amended (the
"EXCHANGE ACT"), from and against any and all loss, claim, damage, expense or
liability (including all expenses reasonably incurred in investigating,
preparing or defending against any claim whatsoever) to which any of them may
become subject under the Act, the Exchange Act or otherwise, arising from such
registration statement.

         (v) The Holder(s) of the Warrants to be sold pursuant to a registration
statement, and their successors and assigns, shall severally, and not jointly,
indemnify the Company, its officers and directors and each person, if any, who
controls the Company within the meaning of Section 15 of the Securities Act or
Section 20(a) of the Exchange Act, from and against any and all loss, claim,
damage, expense or liability (including all expenses reasonably incurred in
investigating, preparing or defending against any claim whatsoever) to which
they may become subject under the Act, the Exchange Act or otherwise, arising
from information furnished in writing by or on behalf of such Holders, or their
successors or assigns, for specific inclusion in such registration statement.

         (vi) Nothing contained in this Agreement shall be construed as
requiring the Holder to exercise this Warrant prior to the initial filing of any
registration statement or the effectiveness thereof.

         (vii) Subject to the execution of confidentiality agreements reasonably
satisfactory to the Company, the Company shall deliver promptly to each Holder
participating in the offering and requesting the correspondence and memoranda
described below and the managing underwriter, if any, copies of all
correspondence between the Commission and the Company and its counsel or
auditors and all memoranda relating to discussions with the Commission or its
staff with respect to the registration statement and permit each Holder and
underwriter to do such investigation, upon reasonable advance notice, with
respect to information contained in or omitted from the registration statement
as it deems reasonably necessary to comply with applicable securities laws or
rules of the NASD. Such investigation shall include access to books, records,
and properties and opportunities to discuss the business of the Company with its
officers and independent auditors, all to such reasonable extent and at such
reasonable times and as often as any such Holder shall reasonably request.

         (viii) So long as any Holder beneficially owns this Warrant and/or
Warrant Shares, the Company shall continue to file or furnish pursuant to the
Exchange Act or the Securities Act, and the Company shall maintain its status as
an issuer required to file such reports under the Exchange Act.

                                       10

<PAGE>

         18. MISCELLANEOUS.

                  (a) JURISDICTION. This Agreement shall be governed by and
construed in accordance with the internal laws of the State of New York without
regard to the conflicts of laws principles thereof. The parties hereto hereby
irrevocably agree that any suit or proceeding arising directly and/or indirectly
pursuant to or under this Agreement, shall be brought solely in a federal or
state court located in the City, County and State of New York. By its execution
hereof, the Company, and by its acceptance of this Warrant, the Holder, hereby
covenant and irrevocably submit to the IN PERSONAM jurisdiction of the federal
and state courts located in the City, County and State of New York and agree
that any process in any such action may be served upon any of them personally,
or by certified mail or registered mail upon them or their agent, return receipt
requested, with the same full force and effect as if personally served upon them
in New York City. The parties hereto waive any claim that any such jurisdiction
is not a convenient forum for any such suit or proceeding and any defense or
lack of IN PERSONAM jurisdiction with respect thereto. In the event of any such
action or proceeding, the party prevailing therein shall be entitled to payment
from the other party hereto of its reasonable counsel fees and disbursements.

                  (b) RESTRICTIONS. The Holder acknowledges that the Warrant
Shares acquired upon the exercise of this Warrant, if not registered for resale
under the Securities Act, will have legends imprinted upon any stock
certificates evidencing such Warrant Shares and the Company will notify its
transfer agent of restrictions upon resale imposed by the applicable state and
federal securities laws.

                  (c) NONWAIVER AND EXPENSES. No course of dealing or any delay
or failure to exercise any right hereunder on the part of Holder shall operate
as a waiver of such right or otherwise prejudice Holder's rights, powers or
remedies, notwithstanding all rights hereunder terminate on the Termination
Date. If the Company willfully and knowingly fails to comply with any provision
of this Warrant, which results in any material damages to the Holder, the
Company shall pay to Holder such amounts as shall be sufficient to cover any
costs and expenses including, but not limited to, reasonable attorneys' fees,
including those of appellate proceedings, incurred by Holder in collecting any
amounts due pursuant hereto or in otherwise enforcing any of its rights, powers
or remedies hereunder.

                  (d) NOTICES. Any notice, request or other document required or
permitted to be given or delivered to the Holder by the Company shall be
delivered in accordance with the notice provisions of the Purchase Agreement;
PROVIDED, HOWEVER, upon any permitted assignment of this Warrant, the assignee
shall promptly provide the Company with its contact information.

                  (e) LIMITATION OF LIABILITY. No provision hereof, in the
absence of any affirmative action by Holder to exercise this Warrant or purchase
Warrant Shares, and no enumeration herein of the rights or privileges of Holder,
shall give rise to any liability of Holder for the purchase price of any Common
Stock or as a stockholder of the Company, whether such liability is asserted by
the Company or by creditors of the Company.

                  (f) REMEDIES. Holder, in addition to being entitled to
exercise all rights granted by law, including recovery of damages, will be
entitled to specific performance of its rights under this Warrant. The Company
agrees that monetary damages would not be adequate compensation for any loss
incurred by reason of a breach by it of the provisions of this Warrant and
hereby agrees to waive the defense in any action for specific performance that a
remedy at law would be adequate.

                                       11

<PAGE>

                  (g) SUCCESSORS AND ASSIGNS. Subject to applicable securities
laws, this Warrant and the rights and obligations evidenced hereby shall inure
to the benefit of and be binding upon the successors of the Company and the
successors and permitted assigns of Holder. The provisions of this Warrant are
intended to be for the benefit of all Holders from time to time of this Warrant
and shall be enforceable by any such Holder or holder of Warrant Shares.

                  (h) AMENDMENT. This Warrant may be modified or amended or the
provisions hereof waived with the written consent of the Company and the Holder.

                  (i) SEVERABILITY. Wherever possible, each provision of this
Warrant shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Warrant shall be prohibited by or
invalid under applicable law, such provision shall be ineffective to the extent
of such prohibition or invalidity, without invalidating the remainder of such
provisions or the remaining provisions of this Warrant.

                  (j) HEADINGS. The headings used in this Warrant are for the
convenience of reference only and shall not, for any purpose, be deemed a part
of this Warrant.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       12

<PAGE>

         IN WITNESS WHEREOF, the Company has caused this Warrant to be executed
by its officer thereunto duly authorized.

Dated:  March __, 2004

                                             MIV THERAPEUTICS, INC.

                                             By:
                                                 -------------------------------
                                                 Name:
                                                 Title:

                                       13

<PAGE>

                               NOTICE OF EXERCISE

To:      MIV Therapeutics, Inc.

         The undersigned hereby elects to purchase ________ Warrant Shares of
MIV Therapeutics, Inc. pursuant to the terms of the attached Warrant (only if
exercised in full), and tenders herewith payment of the exercise price in full,
together with all applicable transfer taxes, if any.

1. Payment shall take the form of (check applicable box):

         [ ]      in lawful money of the United States; or

         [ ]      the cancellation of such number of Warrant Shares as is
                  necessary, in accordance with and pursuant to SECTION 3(d) to
                  exercise this Warrant with respect to the maximum number of
                  Warrant Shares purchasable pursuant to the cashless exercise
                  procedures set forth in SECTION 3(d).

2. Please issue a certificate or certificates representing said Warrant Shares
in the name of the undersigned or in such other name as is specified below:

                          ----------------------------

             The Warrant Shares shall be delivered to the following:

                          ----------------------------

3. The undersigned is an "accredited investor" as defined in Regulation D
promulgated under the Securities Act of 1933, as amended, and reaffirms the
representations and warranties set forth in SECTION 3.2 of the Purchase
Agreement as if made on the date hereof.

                                             [PURCHASER]

                                             By:
                                                 -------------------------------
                                                 Name:
                                                 Title:

<PAGE>

                              FORM OF ASSIGNMENT*
                              -------------------

         FOR VALUE RECEIVED the undersigned registered owner of this Warrant
hereby sells, assigns and transfers unto the Assignee named below all of the
rights of the undersigned under the within the Warrant, with respect to the
number of shares of Common Stock set forth below:

    NAME OF ASSIGNEE                   ADDRESS                    NO. OF SHARES
    ----------------                   -------                    -------------

         and does hereby irrevocably constitute and appoint ____________________
Attorney to make such transfer on the books of MIV Therapeutics, Inc.,
maintained for the purpose, with full power of substitution in the premises.

Dated:
        -----------------------

                                             -----------------------------------
                                             (Signature)

                                             -----------------------------------
                                             (Witness)

         The undersigned Assignee of the Warrant hereby makes to MIV
Therapeutics, Inc., as of the date hereof, with respect to the Assignee, all of
the representations and warranties made by the Holder in the Registration Rights
Agreement and the Purchase Agreement, and the undersigned Assignee agrees to be
bound by all the terms and conditions of the Purchase Agreement, the Warrant and
the Registration Rights Agreement.

Dated:
        -----------------------

                                             -----------------------------------
                                             (Signature)

----------------
      * All capitalized terms not otherwise defined herein shall have the
meanings set forth in the Warrant.<Page>

                                                                    Exhibit 4(i)

[SAFECO(TM) LOGO]                                Safeco Life Insurance Company
                                                 P.O. Box 3882
                                                 Seattle, WA 98124-3882

This is a legal Contract between the Owner (referred to in this Contract as
"you" and "your") and Safeco Life Insurance Company (referred to in this
Contract as "Safeco Life", "our", "us", and "we"). Safeco Life is a stock
company with its Home Office in Redmond, Washington.

This Contract is issued in consideration of the application and payment of the
initial Purchase Payment. Safeco Life will make annuity payments, beginning on
the Annuity Date, or pay a death benefit, subject to the terms of this Contract.
Safeco Life has executed and attested this Contract as of the contract date at
our Home Office in Redmond, Washington.

IF YOU HAVE QUESTIONS, COMMENTS, OR COMPLAINTS, PLEASE CONTACT SAFECO LIFE AT
1-800-4SAFECO (472-3326).

                          READ YOUR CONTRACT CAREFULLY

RIGHT TO EXAMINE THE CONTRACT: [If for any reason you are not satisfied with
this Contract, you may return it within 10 days from the date you received it to
Safeco Life or to the registered representative who sold you this Contract. When
we receive this Contract, we will refund your Contract Value. This may be more
or less than your Purchase Payments.]

Signed for Safeco Life Insurance Company by:

/s/ C.B. Mead                           /s/ Randall H. Talbot
C.B. Mead                               Randall H. Talbot
Sr. Vice President and Secretary        President

          INDIVIDUAL MODIFIED SINGLE PREMIUM DEFERRED VARIABLE ANNUITY
                                NON-PARTICIPATING

THIS IS A VARIABLE ANNUITY CONTRACT. WHEN YOUR CONTRACT VALUE AND ANNUITY
PAYMENTS ARE BASED ON THE INVESTMENT EXPERIENCE OF THE PORTFOLIOS, THE DOLLAR
AMOUNTS ARE NOT GUARANTEED AND WILL INCREASE OR DECREASE. SEE "PURCHASE PAYMENT
PROVISIONS", "INVESTMENT OPTIONS", AND "ANNUITY PAYMENT PROVISIONS" FOR DETAILS.

Safeco(R) and the Safeco logo are trademarks of Safeco Corporation.

<Page>

                               CONTRACT DATA PAGE

PRODUCT:   SPINNAKER(R) PLUS VARIABLE ANNUITY - [TAX SHELTERED ANNUITY]

OWNER/ANNUITANT:    [John Doe]
  Address:          [1234 Main St.]
                    [Any City, ST 99999-9999]
  Date of Birth:    [1/01/1969]
  Age:              [35]
  Sex:              [Male]

CONTRACT NUMBER:                             [LP12345678]

CONTRACT DATE:                               [5/01/2004]

INITIAL PURCHASE PAYMENT:                    [$50,000]

DELIVERED IN THE STATE OF  [ANY STATE]              AND GOVERNED BY ITS LAWS.

MAXIMUM ISSUE AGE: [85]. The contract date must be prior to the Owner's [86th]
birthday.

MAXIMUM ANNUITIZATION AGE: [90]. Annuity payments must begin prior to the
Annuitant's [91st] birthday.

MINIMUM INITIAL PURCHASE PAYMENT: [$50,000]

MINIMUM SUBSEQUENT PURCHASE PAYMENTS: [$250]. Subsequent Purchase Payments
are only accepted within 6 months of the contract date.

MINIMUM GUARANTEED INTEREST RATE: [1.50%]

ADDITIONAL INTEREST ON FIXED ACCOUNT IN FIRST CONTRACT YEAR:
Additional interest will be credited on amounts allocated to the fixed-term
dollar cost averaging (DCA) options as follows. The additional interest will be
credited to the declining balance remaining in the option for the period of time
selected.

<Table>
<Caption>
                     TOTAL PURCHASE PAYMENTS   ADDITIONAL INTEREST
                     -----------------------   -------------------
     <S>               <C>                           <C>
     [6-month DCA      $50,000 - $99,999.99          4.80%]
     [                  $100,000 and above           5.40%]
     [12-month DCA     $50,000 - $99,999.99          2.40%]
     [                  $100,000 and above           2.70%]
</Table>

Additional interest will be credited on amounts allocated to the Fixed Account
(excluding the [6-month and 12-month] dollar cost averaging options) as follows:

<Table>
<Caption>
                     TOTAL PURCHASE PAYMENTS   ADDITIONAL INTEREST
                     -----------------------   -------------------
                      <S>                            <C>
                      [$50,000 - $99,999.99          1.20%]
                       [$100,000 and above           1.35%]
</Table>

If a Purchase Payment brings the total Purchase Payments to an amount equal to
or greater than [$100,000], the additional interest credited to all Purchase
Payments will increase from an annual effective interest rate of [1.20%] to an
annual effective interest rate of [1.35%] from the date we receive that Purchase
Payment to the end of the first Contract Year.

Spinnaker(R) is a registered trademark of Safeco Life Insurance Company.

                                        1
<Page>

INSURANCE CHARGE: The mortality and expense risk charge is equal on an annual
basis to [1.25%] of the average daily net assets of each Portfolio.

MINIMUM WITHDRAWAL: [$250] ([$100] if withdrawals made by electronic funds
transfer), or the contract value if less. You must withdraw the entire amount
out of an investment option if, after a withdrawal, the remaining balance in the
investment option would be less than [$500]. You must withdraw the entire
contract value and your Contract will terminate if, after a withdrawal, the
remaining contract value would be less than [$1,000].

CONTINGENT DEFERRED SALES CHARGE: May be assessed on a withdrawal. The
contingent deferred sales charge is stated as a percentage of the amount
withdrawn that exceeds the 10% free withdrawal amount. Total contingent deferred
sales charges will not exceed 9% of the Purchase Payments made under this
Contract.

<Table>
<Caption>
               CONTRACT YEAR   CONTINGENT DEFERRED SALES CHARGE
               -------------   --------------------------------
                 <S>                <C>
                    [1              8% of amount withdrawn]
                    [2              7% of amount withdrawn]
                    [3              6% of amount withdrawn]
                    [4              5% of amount withdrawn]
                    [5              4% of amount withdrawn]
                    [6              3% of amount withdrawn]
                    [7              2% of amount withdrawn]
                    [8              1% of amount withdrawn]
                 [After 8           0% of amount withdrawn]
</Table>

WITHDRAWAL CHARGE: [$25] or 2% of the amount withdrawn, whichever is less, for
each withdrawal after the first withdrawal in a Contract Year.

TRANSFERS: The minimum amount you can transfer out of any investment option at
one time is [$500], or the entire value of the investment option if less. In
addition to this [$500] minimum, transfers out of the Fixed Account are limited
to a maximum of [10%] of the Fixed Account value per Contract Year. We may waive
this [10%] limitation upon written notice to you. If we waive it, we reserve the
right to reinstate the [10%] limitation upon written notice. You must transfer
the entire amount of the investment option if, after a transfer, the remaining
balance would be less than [$500]. The minimum amount you can transfer into any
investment option is [$50].

TRANSFER CHARGE: Each Contract Year, [12] transfers are free of charge. For each
transfer after the [12th] transfer in a Contract Year, the transfer charge is
[$10] or 2% of the amount transferred, whichever is less.

PREMIUM TAXES: [As of the contract date, premium taxes are not charged in your
state. However, if we ever incur such taxes, we reserve the right to make a
deduction from your Contract for the payment of the premium taxes assessed in
connection with your Contract.]

                                        2
<Page>

SEPARATE ACCOUNT: Safeco Resource Variable Account B

ELIGIBLE INVESTMENTS:
[1.   Safeco RST Money Market Portfolio]
[2.   Safeco RST Bond Portfolio]
[3.   Franklin U.S. Government Fund - Class 2]
[4.   Dreyfus VIF - Quality Bond Portfolio - Initial Shares]
[5.   Federated High Income Bond Fund II]
[6.   Federated Capital Income Fund II]
[7.   American Century VP Balanced]
[8.   Fidelity VIP Asset Manager Portfolio]
[9.   Dreyfus Stock Index Fund, Inc. - Service Shares]
[10.  ING VP Natural Resources Trust]
[11.  Fidelity VIP Contrafund Portfolio ]
[12.  Fidelity VIP Growth & Income Portfolio]
[13.  Fidelity VIP Growth Portfolio]
[14.  American Century VP Value]
[15.  Dreyfus VIF - Appreciation Portfolio - Initial Shares]
[16.  Fidelity VIP Equity-Income Portfolio]
[17.  American Century VP Ultra Class II]
[18.  Mutual Shares Securities Fund - Class 2]
[19.  Dreyfus IP - MidCap Stock Portfolio - Initial Shares]
[20.  JPMorgan Mid Cap Value Portfolio]
[21.  AIM V.I. Capital Development Fund (Series II Shares)]
[22.  Dreyfus IP - Technology Growth Portfolio - Initial Shares]
[23.  The Dreyfus Socially Responsible Growth Fund, Inc. - Initial Shares]
[24.  INVESCO VIF-Health Sciences Fund]
[25.  Franklin Small Cap Fund - Class 2]
[26.  AIM V.I. Aggressive Growth Fund (Series I Shares)]
[27.  INVESCO VIF-Real Estate Opportunity Fund]
[28.  American Century VP International]
[29.  Templeton Growth Securities Fund - Class 2]
[30.  Templeton Developing Markets Securities Fund - Class 2]
[31.  JPMorgan International Equity Portfolio]
[32.  AIM V.I. International Growth Fund (Series II Shares)]
[33.  Safeco RST Core Equity Portfolio]
[34.  Safeco RST Multi-Cap Core Portfolio]
[35.  Safeco RST Growth Opportunities Portfolio]
[36.  Safeco RST Small-Cap Value Portfolio]
[37.  Safeco Life Fixed Account]

<Table>
ANNUITY SERVICE OFFICE:
<S>                              <C>                              <C>
HOME OFFICE:                     MAILING ADDRESS:                 TELEPHONE: 800-4SAFECO
Safeco Life Insurance Company    Safeco Life Insurance Company    FAX:       425-376-5599
Retirement Services              Retirement Services
5069 154th Place NE              P.O. Box 3882
Redmond, WA 98052-9669           Seattle, WA 98124-3882
</Table>

                                        3
<Page>

                                TABLE OF CONTENTS

<Table>
<S>                                                                       <C>
CONTRACT DATA PAGE                                                        Insert

DEFINITIONS
      Accumulation Phase                                                       1
      Accumulation Unit                                                        1
      Annuitant                                                                1
      Annuity Date                                                             1
      Annuity Unit                                                             1
      Beneficiary                                                              1
      Contract                                                                 1
      Contract Year                                                            1
      Fixed Account                                                            1
      General Account                                                          1
      Income Phase                                                             1
      IRC                                                                      1
      Owner                                                                    1
      Portfolios                                                               1
      Purchase Payment                                                         1
      Separate Account                                                         1

THE ANNUITY CONTRACT
      ABOUT THE CONTRACT                                                       2
      OWNER                                                                    2
      ANNUITANT                                                                2
      BENEFICIARY                                                              2
            Change of Beneficiary                                              2

PURCHASE PAYMENT PROVISIONS

      PURCHASE PAYMENTS                                                        3
      ALLOCATION OF PURCHASE PAYMENTS                                          3
      ACCUMULATION UNITS                                                       3

INVESTMENT OPTIONS
      VARIABLE INVESTMENT OPTIONS                                              5
            Substitution of Shares                                             5
      FIXED ACCOUNT                                                            5
            Interest Crediting                                                 5
            Interest Compounding                                               6
            Minimum Value Guarantee                                            6
      CONTRACT VALUE                                                           6
      TRANSFERS                                                                6
            Limits on Excessive Transfers                                      7

CHARGES
      INSURANCE CHARGE                                                         8
      CONTINGENT DEFERRED SALES CHARGE                                         8
      WITHDRAWAL CHARGE                                                        9
      TRANSFER CHARGE                                                          9
      PREMIUM TAXES                                                            9
      INCOME OR OTHER TAXES                                                    9
</Table>

                                        i
<Page>

<Table>
<S>                                                                           <C>
WITHDRAWAL PROVISIONS
      WITHDRAWALS                                                             10
            Repetitive Withdrawals                                            10

ANNUITY PAYMENT PROVISIONS
      ANNUITY OPTIONS                                                         11
            Life Annuity                                                      11
            Life Annuity with Guaranteed Period                               11
            Joint and Survivor Life Annuity                                   11
            Payments Based on a Number of Years                               11
            Automatic Option                                                  12
      ANNUITY PAYMENTS                                                        12
            Fixed Annuity Payments                                            12
            Variable Annuity Payments                                         12
            Changing Portfolio Elections after the Annuity Date               13

DEATH BENEFIT PROVISIONS
      DEATH OF ANNUITANT Prior to the Annuity Date                            14
      DEATH OF OWNER Prior to the Annuity Date                                14
            Calculation of Death Benefit                                      14
            Limitation on Death Benefit                                       15
            Payment of Death Benefit                                          15
      DEATH OF ANNUITANT On or After the Annuity Date                         15
      DEATH OF OWNER On or After the Annuity Date                             16

GENERAL PROVISIONS
      ACCOUNT STATEMENTS                                                      17
      ASSIGNMENT OF BENEFITS                                                  17
      COMMUNICATIONS                                                          17
      ESSENTIAL DATA                                                          17
      EVIDENCE OF SURVIVAL                                                    17
      JURISDICTION                                                            17
      MISSTATEMENT OF AGE OR SEX                                              17
      NONPARTICIPATION                                                        17
      SEPARATE ACCOUNT                                                        17
      STATE REQUIRED BENEFITS                                                 18
      SUSPENSION OF ANNUITY PAYMENTS, WITHDRAWALS, OR TRANSFERS               18
      TERMINATION OF CONTRACT                                                 18
      THE CONTRACT                                                            18
      VOTING RIGHTS                                                           18

ANNUITY PURCHASE RATE TABLES
      VARIABLE ANNUITY PURCHASE RATE TABLE                                    19
      FIXED ANNUITY PURCHASE RATE TABLE                                       20
</Table>

                                       ii
<Page>

                                   DEFINITIONS

ACCUMULATION PHASE          The period between the date we allocate your first
                            Purchase Payment and the Annuity Date.

ACCUMULATION UNIT           A measurement used to calculate the value of a
                            Portfolio during the Accumulation Phase and variable
                            annuity payments made under the Payments Based on a
                            Number of Years annuity option.

ANNUITANT                   The natural person(s) on whose life/lives annuity
                            payments are based. You are the Annuitant unless you
                            designate someone else before the Annuity Date.

ANNUITY DATE                The date annuity payments begin under an annuity
                            option.

ANNUITY UNIT                A measurement used to calculate variable annuity
                            payments during the Income Phase, except for the
                            Payments Based on a Number of Years annuity option.

BENEFICIARY                 The person(s) named by the Owner and joint Owner, if
                            any, to receive any death benefit payable in
                            accordance with the provisions of this Contract.

CONTRACT                    This Flexible Premium Deferred Variable Annuity.

CONTRACT YEAR               A 12-month period starting on the contract date
                            shown on your contract data page and each
                            anniversary of that date.

FIXED ACCOUNT               The investment option of this Contract that provides
                            for guaranteed interest. Purchase Payments allocated
                            to the Fixed Account become part of Safeco Life's
                            General Account.

GENERAL ACCOUNT             The assets of Safeco Life other than those
                            attributable to Separate Accounts.

INCOME PHASE                The period beginning on the Annuity Date during
                            which the payee receives annuity payments.

IRC                         The Internal Revenue Code of 1986, as amended.

OWNER                       The person(s) or entity(ies) named on the contract
                            application. The Owner has all ownership rights
                            under this Contract.

PORTFOLIOS                  The variable investment options available under the
                            Contract.

PURCHASE PAYMENT            An amount paid to Safeco Life for allocation under
                            this Contract, less any premium tax due at the time
                            this payment is made.

SEPARATE ACCOUNT            A segregated asset account established under
                            Washington law and shown on the contract data page.

                                        1
<Page>

                              THE ANNUITY CONTRACT

ABOUT THE CONTRACT          This Contract is an agreement between Safeco Life
                            and you, the Owner, where we promise to pay an
                            income in the form of annuity payments, beginning on
                            the date you select, or a death benefit. When you
                            are investing money, your Contract is in the
                            Accumulation Phase. Once you begin receiving annuity
                            payments, your Contract is in the Income Phase.

                            You purchased this Contract with the initial
                            Purchase Payment you paid, and the Contract became
                            effective on the contract date, shown on your
                            contract data page.

                            The Contract is called a variable annuity because
                            you can allocate money among variable investment
                            Portfolios available within the Separate Account.
                            The investment performance of the Portfolio(s) you
                            select may be positive or negative and affects the
                            value of your Contract and the amount of any
                            variable annuity payments. You may also allocate
                            money to the Fixed Account which credits guaranteed
                            interest rates.

OWNER                       The Owner is shown on the contract application and
                            cannot be changed. On the contract date, the Owner
                            must not have been older than the maximum issue age
                            shown on the contract data page. The Owner may
                            exercise all ownership rights under this Contract.

                            If this Contract is owned by joint Owners, they must
                            jointly exercise their ownership rights, unless we
                            are directed otherwise by both joint Owners in
                            writing. On the contract date, each joint Owner must
                            not have been older than the maximum issue age shown
                            on the contract data page. The joint Owner cannot be
                            changed. An Owner who is a non-natural person (for
                            example, a corporation or a trust) may not name a
                            joint Owner.

ANNUITANT                   The Annuitant is/are the person(s) on whose
                            life/lives annuity payments are based. You are the
                            Annuitant unless you designate someone else before
                            the Annuity Date. If you designate someone else as
                            Annuitant, that person must not be older than the
                            maximum issue age on the contract date and the
                            maximum annuitization age when annuity payments
                            begin. The maximum issue age and the maximum
                            annuitization age are shown on the contract data
                            page.

                            An Owner who is a non-natural person may not change
                            the Annuitant.

BENEFICIARY                 The Beneficiary receives any death benefit payable
                            in accordance with the provisions of this Contract.
                            You initially name your Beneficiaries on the
                            contract application.

   CHANGE OF                You may change your Beneficiary designation at any
   BENEFICIARY              time by sending us a signed and dated request.
                            However, if a Beneficiary designation is
                            irrevocable, that Beneficiary must consent in
                            writing to any change. A new Beneficiary designation
                            revokes any prior designation and is not effective
                            until we record the change. We are not responsible
                            for the validity of any Beneficiary designation nor
                            for any actions we may take prior to receiving and
                            recording a Beneficiary change.

                                        2
<Page>

                           PURCHASE PAYMENT PROVISIONS

PURCHASE PAYMENTS           You may be able to make additional Purchase Payments
                            within six months of the contract date, subject to
                            your state's requirements. The minimum dollar
                            amounts are shown on the contract data page.

                            Purchase Payments must be in lawful currency of the
                            United States and submitted to our Home Office at
                            5069 154th Place NE, Redmond, WA 98052-9669, or P.O.
                            Box 3882, Seattle, WA 98124-3882, or in a manner
                            agreed to by Safeco Life.

                            We reserve the right to refuse any Purchase Payment.
                            If we do not accept a Purchase Payment, we will
                            return it within five business days.

ALLOCATION OF PURCHASE      Your initial Purchase Payment will be allocated
PAYMENTS                    according to your instructions on your
                            contract application. Unless you tell us otherwise,
                            subsequent Purchase Payments will be allocated in
                            the same proportion as your most recent Purchase
                            Payment (unless that was a Purchase Payment you
                            directed us to allocate on a one-time-only basis).

                            Once we receive your Purchase Payment, the portion
                            to be allocated to the Fixed Account is credited as
                            of the day it is received. The portion to be
                            allocated to the Portfolios is effective and valued
                            as of the next close of the New York Stock Exchange
                            (NYSE). If for any reason the NYSE is closed when we
                            receive your Purchase Payment, it will be valued as
                            of the close of the NYSE on its next regular
                            business day.

                            When we are required to guarantee a return of
                            Purchase Payments during the Right to Examine
                            period, we reserve the right to initially apply
                            amounts designated for the Portfolios to the Safeco
                            RST Money Market Portfolio as shown on the cover
                            page of this Contract. These amounts will then be
                            allocated in the manner you selected, unless you
                            have canceled the Contract.

ACCUMULATION UNITS          When you make Purchase Payments or transfers into a
                            Portfolio, we credit your Contract with Accumulation
                            Units. Similarly, when you request a withdrawal or a
                            transfer of money from a Portfolio, Accumulation
                            Units are liquidated. In either case, the increase
                            or decrease in the number of your Accumulation Units
                            is determined by taking the dollar amount of the
                            Purchase Payment, transfer, or withdrawal and
                            dividing it by the value of an Accumulation Unit on
                            the date the transaction occurs.

                            We calculate the value of an Accumulation Unit for
                            each Portfolio after the NYSE closes each day. To
                            determine the current Accumulation Unit value, we
                            take the prior day's Accumulation Unit value and
                            multiply it by the Net Investment Factor for the
                            current day.

                                        3
<Page>

                            The Net Investment Factor is used to measure the
                            daily change in Accumulation Unit value for each
                            Portfolio. The Net Investment Factor equals:
                            -    the net asset value per share of a Portfolio at
                                 the end of the current day plus the per share
                                 amount of any dividend or income distributions
                                 made by the Portfolio that day; divided by
                            -    the net asset value per share of a Portfolio at
                                 the end of the prior day plus the per share
                                 amount of any dividend or income distributions
                                 made by the Portfolio that day; minus
                            -    the daily insurance charges, expressed as a
                                 percentage of the total net assets of the
                                 Portfolio.

                            The value of an Accumulation Unit will usually go up
                            or down from day to day.

                                        4
<Page>

                               INVESTMENT OPTIONS

VARIABLE INVESTMENT         You may allocate money to the Portfolios shown on
OPTIONS                     the contract data page. We reserve the right to add,
                            combine, restrict, or remove any Portfolio as an
                            investment option of this Contract. Portfolios have
                            different investment objectives. Investment
                            performance of a Portfolio may be positive or
                            negative.

   SUBSTITUTION OF          If any shares of the Portfolios are no longer
   SHARES                   available, or if in our view no longer meet the
                            purpose of the Contract, it may be necessary to
                            substitute shares of another Portfolio. We will seek
                            prior approval of the Securities and Exchange
                            Commission (SEC) to the extent required by law and
                            give you notice before doing this.

FIXED ACCOUNT               The Fixed Account is part of Safeco Life's General
                            Account and provides for guaranteed interest rates
                            as follows.

   INTEREST CREDITING       We establish the annual effective interest rates
                            that apply to Purchase Payments allocated to the
                            Fixed Account. The annual effective interest rate
                            will be at least the minimum guaranteed interest
                            rate shown on the contract data page.

                            Each Purchase Payment allocated to the Fixed Account
                            will be credited with the interest rate established
                            for the date that we receive the Purchase Payment.
                            This rate will apply to the Purchase Payment for an
                            initial period of at least 12 months from the date
                            we receive it.

                            We can adjust the interest rate after the completion
                            of that initial period. The adjusted rate will apply
                            to that Purchase Payment and its credited interest
                            for at least 12 months, when the rate can again be
                            adjusted. From then on, we cannot adjust the
                            interest rate more often than every 12 months.

                            In the first Contract Year, additional interest will
                            be credited to Purchase Payments allocated to the
                            Fixed Account as shown on the contract data page
                            under "ADDITIONAL INTEREST ON FIXED ACCOUNT IN FIRST
                            CONTRACT YEAR". If you make additional Purchase
                            Payments to the Fixed Account, each will be credited
                            with the applicable additional interest from the
                            date we receive it to the end of the first Contract
                            Year.

                            If a portion of the initial Purchase Payment is
                            allocated to either a 6-month or a 12-month dollar
                            cost averaging option, then additional interest as
                            shown on the contract data page will be credited to
                            the declining balance in that option for the period
                            of time selected. Only the initial Purchase Payment
                            is eligible for these dollar cost averaging options.

                            Different interest rates may apply to each of your
                            Purchase Payments depending on the interest rate
                            established for the date that we received the
                            Purchase Payment and any subsequent rate
                            adjustments.

                                        5
<Page>

                            For the purpose of crediting interest, when you take
                            a withdrawal from the Fixed Account, the Purchase
                            Payment you last made, and the interest credited to
                            it, is considered to be withdrawn first.

                            If you stop allocating Purchase Payments to the
                            Fixed Account, we will continue to credit your
                            balance in the Fixed Account with the applicable
                            interest rate(s).

   INTEREST COMPOUNDING     Safeco Life credits interest daily on each Purchase
                            Payment allocated to the Fixed Account from the date
                            we receive your payment up to, but not including,
                            the date you withdraw the funds from the Fixed
                            Account.

                            Annual effective interest rates show the effect of
                            daily compounding of interest over a 12-month
                            period.

   MINIMUM VALUE            Upon a total withdrawal from the Fixed Account, you
   GUARANTEE                will not receive less than 90% of your Purchase
                            Payments and transfers allocated to the Fixed
                            Account accumulated at an annual effective interest
                            rate of 3% each year, less prior withdrawals and
                            transfers from the Fixed Account accumulated at an
                            annual effective interest rate of 3% each year. If
                            necessary to meet this minimum, charges will be
                            waived.

CONTRACT VALUE              Your contract value is the sum of the values in the
                            Portfolios and the Fixed Account attributable to
                            your Contract. We calculate this by:
                            -    adding all the Purchase Payments you invested;
                            -    subtracting the charges which have been
                                 deducted;
                            -    subtracting the withdrawals you have made;
                            -    adjusting for each Portfolio's gain or loss;
                            -    adding the interest we credit while any of your
                                 contract value is in the Fixed Account;
                            -    subtracting the amounts withdrawn for an
                                 annuity option; and
                            -    subtracting the amounts withdrawn to pay the
                                 death benefit.

TRANSFERS                   During the Accumulation Phase, you can transfer
                            money among the Portfolios and the Fixed Account.
                            The minimum amounts that can be transferred are
                            shown on the contract data page. In each Contract
                            Year a specified number of transfers are free of
                            charge. Each additional transfer in a Contract Year
                            may have a transfer charge. The number of free
                            transfers and the transfer charge are shown on the
                            contract data page.

                            We reserve the right to modify, suspend, or
                            terminate transfer privileges at any time. In
                            addition, if we receive a transfer request that is
                            to be allocated to the Fixed Account and we are not
                            able to invest the money such that we can credit at
                            least the minimum guaranteed interest rate, we
                            reserve the right to reject the portion of the
                            transfer request that was to be allocated to the
                            Fixed Account.

                                        6
<Page>

   LIMITS ON EXCESSIVE      We may restrict or eliminate the right to make
   TRANSFERS                transfers among Portfolios if such rights are
                            executed by you, a market timing firm, or other
                            third party authorized to initiate transfers or
                            exchange transactions on your behalf. For example,
                            we reserve the right to reject any transfer request
                            if, in our judgment, you are engaging in a pattern
                            of transfer that may disadvantage other contract
                            owners or would cause a Portfolio to be unable to
                            invest effectively in accordance with its investment
                            objectives and policies or would otherwise be
                            potentially adversely affected. In addition, if we
                            or any affected Portfolio believes you are engaging
                            in activity as described above or similar activity
                            which will potentially hurt the rights or interests
                            of other contract owners, we have the right to
                            restrict the number of transfers you make.

                            We will continue to monitor the transfer activity
                            occurring among the Portfolios and may modify these
                            transfer restrictions at any time if we deem it
                            necessary to protect the interest of all contract
                            owners. These modifications may include curtailing
                            or eliminating, without notice, the ability to use
                            the Internet or telephone in making transfers.

                                        7
<Page>

                                     CHARGES

The following charges apply to your Contract:

INSURANCE CHARGE            Each day we make a deduction for the mortality and
                            expense risk charge. We do this as part of our
                            calculation of the value of Accumulation Units and
                            Annuity Units. This charge is equal, on an annual
                            basis, to a percentage of the average daily net
                            assets of each Portfolio. The percentage is shown on
                            the contract data page.

CONTINGENT DEFERRED         A contingent deferred sales charge may be assessed
SALES CHARGE                on withdrawals from your Contract. The charge
                            is a percentage of the amount withdrawn and is shown
                            on the contract data page.

                            When the withdrawal is for only part of your
                            contract value, the charge will be deducted from the
                            remaining contract value, unless you tell us
                            otherwise.

                            You can withdraw 10% of your contract value each
                            Contract Year without a contingent deferred sales
                            charge. The determination of whether more than 10%
                            of the contract value has been withdrawn is made at
                            the time of withdrawal. If you take more than one
                            withdrawal in a Contract Year, the previous
                            withdrawals in the Contract Year are added to the
                            current contract value to determine whether more
                            than 10% of the contract value has been withdrawn in
                            that Contract Year.

                            Contingent deferred sales charges will not be
                            assessed on the following:
                            -    withdrawals, if the total amount withdrawn
                                 during the Contract Year does not exceed 10% of
                                 the contract value;
                            -    withdrawals taken for payment of the withdrawal
                                 charges, transfer charges, or premium taxes;
                            -    repetitive withdrawals, if the withdrawals are
                                 equal or substantially equal and are expected
                                 to deplete the contract value over your life
                                 expectancy or the joint life expectancy of you
                                 and your Beneficiary;
                            -    annuity payments;
                            -    withdrawals taken on account of your death; and
                            -    withdrawals taken after you have been confined
                                 to a hospital or nursing home for 30
                                 consecutive days if:
                                 -    the confinement begins after the contract
                                      date; and
                                 -    the withdrawal is taken:
                                      -    during confinement; or
                                      -    within 60 days after confinement
                                           ends.

                                 We may require proof of confinement.

                                 Hospital may be defined in one of two ways:
                                 (1)  a lawfully operated institution that is
                                      licensed as a hospital by the Joint
                                      Commission of Accreditation of Hospitals;
                                      or
                                 (2)  a lawfully operated institution that
                                      provides in-patient treatment under the
                                      direction of a staff of physicians and has
                                      24-hour per day nursing services.

                                 Nursing home is defined as a facility licensed
                                 by the state that provides convalescent or
                                 chronic care for in-patients who, by reason of
                                 illness or

                                        8
<Page>

                                 infirmity, are unable to properly care for
                                 themselves.

                                        9
<Page>

WITHDRAWAL CHARGE           The withdrawal charge, shown on the contract data
                            page, is deducted for each withdrawal after the
                            first withdrawal in a Contract Year. This charge
                            will be deducted from your remaining contract value,
                            unless you tell us otherwise.

                            We will not deduct this charge for annuity payments,
                            repetitive withdrawals, or if you withdraw the
                            entire contract value.

TRANSFER CHARGE             The transfer charge is deducted from your Contract
                            for each transfer in excess of the number of free
                            transfers allowed in a Contract Year. The transfer
                            charge and the number of free transfers are shown on
                            the contract data page.

                            Scheduled transfers authorized by us as part of an
                            investment strategy such as dollar cost averaging,
                            appreciation or interest sweep, portfolio
                            rebalancing, or asset allocation programs do not
                            count against your free transfers.

PREMIUM TAXES               The contract data page shows whether or not premium
                            tax is charged in your state as of the contract
                            date.

INCOME OR OTHER TAXES       Currently we do not pay income or other taxes on
                            earnings attributable to your Contract. However, if
                            we ever incur such taxes, we reserve the right to
                            deduct them from your Contract.

                                       10
<Page>

                              WITHDRAWAL PROVISIONS

WITHDRAWALS                 Before the commencement of annuity payments, you may
                            withdraw part or all of your contract value. The
                            minimum amount that can be withdrawn is shown on the
                            contract data page.

                            To take withdrawals, you must send a written request
                            to our Home Office. Unless you tell us differently,
                            partial withdrawals will be made pro rata from each
                            investment option. Once we receive your request,
                            withdrawals from the Portfolios will be effective as
                            of the next close of the NYSE.

                            A withdrawal may have a contingent deferred sales
                            charge and a withdrawal charge.

REPETITIVE WITHDRAWALS      You may request repetitive withdrawals of a
                            predetermined amount on a monthly, quarterly, or
                            annual basis by completing the appropriate form.

                                       11
<Page>

                           ANNUITY PAYMENT PROVISIONS

ANNUITY OPTIONS             The Income Phase will start no later than the
                            maximum annuitization age shown on the contract data
                            page, or an earlier date if required by law. During
                            the Income Phase, the payee (you or someone you
                            choose) receives regular annuity payments beginning
                            on the Annuity Date.

                            To start the Income Phase, you must notify us in
                            writing at least 30 days prior to the date that you
                            want annuity payments to begin. You may choose
                            annuity payments under an annuity option described
                            in this Contract or another annuity option that you
                            want and that we agree to provide. You cannot start
                            the Income Phase until the Contract has been in
                            effect for at least one year (eight years for the
                            Payments Based on a Number of Years annuity option).
                            If the amount applied to an annuity option is less
                            than $5,000, we may pay you in a lump sum where
                            permitted by state law. We reserve the right to
                            change the payment frequency if payment amounts
                            would be less than $250.

                            Switching to the Income Phase is irrevocable. Once
                            you begin receiving annuity payments, you cannot
                            switch back to the Accumulation Phase. You cannot
                            add Purchase Payments, change or add an Annuitant,
                            change the annuity option, or change between fixed
                            and variable annuity payments. When the Contract
                            switches to the Income Phase, the minimum guaranteed
                            death benefit will no longer be applicable.

LIFE ANNUITY                The payee receives monthly annuity payments as long
                            as the Annuitant is living. Annuity payments stop
                            when the Annuitant dies.

LIFE ANNUITY WITH           The payee receives monthly annuity payments for the
GUARANTEED PERIOD           longer of the Annuitant's life or a guaranteed
                            period of five or more years as selected by you and
                            agreed to by us. If the Annuitant dies before all
                            guaranteed payments have been made, the rest will be
                            made to the payee designated by the Owner. Annuity
                            payments stop the later of the date the Annuitant
                            dies or the date the last guaranteed payment is
                            made.

                            As an alternative to monthly payments, the payee may
                            elect to have the present value of the guaranteed
                            variable annuity payments remaining as of the date
                            the notice of death is received by us commuted at
                            the assumed investment return of 4% and paid in a
                            single payment.

JOINT AND SURVIVOR          The payee receives monthly annuity payments as long
LIFE ANNUITY                as the Annuitant is living. After the Annuitant
                            dies, the payee receives a specified percentage of
                            each annuity payment as long as the second Annuitant
                            is living. You name the second Annuitant and payment
                            percentage at the time you elect this option.
                            Annuity payments stop the later of the date the
                            Annuitant dies or the date the second Annuitant
                            dies.

PAYMENTS BASED ON A         The payee receives annuity payments based on a
NUMBER OF YEARS             number of years as selected by you and agreed to by
                            us. You must select a period of at least five years.
                            You may select monthly, quarterly, or annual annuity
                            payments. Each annuity payment reduces the number of
                            Accumulation Units and/or value of the Fixed Account
                            in the Contract. Annuity payments continue until

                                       12
<Page>

                            the entire value in the Portfolios and/or the Fixed
                            Account has been paid

                                       13
<Page>

                            out. You can stop these annuity payments at any time
                            and receive a lump sum equal to the remaining
                            contract value. This option does not promise to make
                            payments for the Annuitant's life. If the Owner dies
                            before all annuity payments have been made, there
                            will be a death benefit payable in accordance with
                            the "DEATH OF OWNER On or After the Annuity Date"
                            provision.

                            This annuity option is only available after the
                            eighth Contract Year and if your contract value is
                            $25,000 or more at the time this option is selected.

   AUTOMATIC OPTION         If you do not choose an annuity option at least 30
                            days before the latest Annuity Date allowed under
                            this Contract and if your contract value is at least
                            $25,000, we will make annuity payments under the
                            Payments Based on a Number of Years annuity option.
                            The number of years will be equal to the Annuitant's
                            life expectancy. If your contract value is less than
                            $25,000, we will make annuity payments under the
                            Life Annuity with Guaranteed Period annuity option.
                            The guaranteed period will be equal to 10 years.

ANNUITY PAYMENTS            You can choose whether annuity payments will be made
                            on a fixed basis, variable basis, or both. If you
                            don't tell us otherwise, annuity payments will be
                            based on the investment allocations in place on the
                            Annuity Date. After the Annuity Date, you may not
                            switch between fixed annuity payments and variable
                            annuity payments.

   FIXED ANNUITY            The dollar amount of each fixed annuity payment will
   PAYMENTS                 stay the same. Annuity payments under the Payments
                            Based on a Number of Years annuity option will be
                            based on the minimum guaranteed interest rate and
                            the number of annuity payments you selected. Annuity
                            payments under all other annuity options will be
                            determined by applying the contract value that you
                            want to use to purchase fixed annuity payments to
                            the Fixed Annuity Purchase Rate Table of this
                            Contract, or the current rates at that time if more
                            favorable to you. If premium taxes are required by
                            state law, these taxes will be deducted before the
                            annuity payments are calculated.

   VARIABLE ANNUITY         The dollar amount of each variable annuity payment
   PAYMENTS                 will vary depending on the investment performance of
                            the Portfolios that you selected. Annuity payments
                            under the Payments Based on a Number of Years
                            annuity option will be based on a reasonable rate of
                            return and the number of annuity payments you
                            selected. Annuity payments under all other annuity
                            options will be determined as described below.

                            FIRST VARIABLE ANNUITY PAYMENT: The dollar amount of
                            the first variable annuity payment is the sum of the
                            payments from each Portfolio determined by applying
                            the contract value used to purchase variable annuity
                            payments, as of the 15th day of the preceding month,
                            to the Variable Annuity Purchase Rate Table of this
                            Contract. If the NYSE is not open on that date, the
                            calculation will be made on the next day that the
                            NYSE is open. If premium taxes are required by state
                            law, these taxes will be deducted before the annuity
                            payment is calculated.

                                       14
<Page>

                            SUBSEQUENT VARIABLE ANNUITY PAYMENTS: The dollar
                            amount of each subsequent variable annuity payment
                            is the sum of the payments from each Portfolio,
                            which are determined by multiplying the number of
                            Annuity Units credited for that Portfolio by the
                            Annuity Unit value of that Portfolio as of the 15th
                            of the month preceding the annuity payment. If the
                            NYSE is not open on that date, the calculation will
                            be made on the next day that the NYSE is open.

                                 NUMBER OF VARIABLE ANNUITY UNITS: The number of
                                 Annuity Units credited for each Portfolio is
                                 the amount of the first annuity payment
                                 attributable to that Portfolio divided by the
                                 value of the applicable Annuity Unit for that
                                 Portfolio as of the 15th day of the month
                                 preceding the Annuity Date. The number of
                                 Annuity Units used to calculate the variable
                                 annuity payment each month remains constant
                                 unless you change Portfolio elections.

                                 VALUE OF VARIABLE ANNUITY UNITS: The value of
                                 an Annuity Unit will usually increase or
                                 decrease from one month to the next. For each
                                 month after the first month, the value of an
                                 Annuity Unit of a particular Portfolio is:
                                 -    the value of that Annuity Unit as of the
                                      15th day of the preceding month (or the
                                      next day that the NYSE is open);
                                 -    multiplied by the Net Investment Factors
                                      for that Portfolio; and
                                 -    divided by the Assumed Investment Factor
                                      for the period.

                                 The Net Investment Factor is a number that
                                 represents the change in the Accumulation Unit
                                 value of a Portfolio on successive days when
                                 the NYSE is open. The Net Investment Factor for
                                 any Portfolio for any valuation day is
                                 determined by dividing the current Accumulation
                                 Unit value by the prior day's Accumulation Unit
                                 value. The Net Investment Factor will likely be
                                 different than the Assumed Investment Factor,
                                 and therefore the Annuity Unit value will
                                 usually increase or decrease.

                                 The Assumed Investment Factor for a one-day
                                 valuation period is 1.00010746. This factor
                                 neutralizes the assumed investment return of 4%
                                 in the Variable Annuity Purchase Rate Table.

                            We guarantee that the dollar amount of each variable
                            annuity payment made after the first payment will
                            not be adversely affected by variations in actual
                            mortality experience or actual expenses incurred in
                            excess of the expense deductions provided for in the
                            Contract.

   CHANGING PORTFOLIO       If you have selected variable annuity payments,
   ELECTIONS AFTER THE      after the Annuity Date you may request to change
   ANNUITY DATE             Portfolio elections once a month. Transfers are not
                            allowed to or from the Fixed Account. Changes will
                            affect the number of units used to calculate annuity
                            payments.

                                       15
<Page>

                            DEATH BENEFIT PROVISIONS

DEATH OF ANNUITANT          If the Annuitant is not an Owner and the Annuitant
PRIOR TO THE ANNUITY        dies before the Annuity Date, you must designate a
DATE                        new Annuitant. If no designation is made within 30
                            days after we are notified of the Annuitant's death,
                            you will become the Annuitant.

                            If this Contract is owned by a non-natural person
                            (for example, a corporation or trust), the death of
                            the Annuitant will be treated as the death of the
                            Owner. In this case, all references to "Owner" and
                            "joint Owner" in these provisions are replaced by
                            "Annuitant" and "joint Annuitant".

DEATH OF OWNER              If any Owner dies before the Annuity Date, we will
PRIOR TO THE ANNUITY        pay a death benefit to the:
DATE                        -    surviving Owner or joint Owner; or if there is
                                 no surviving Owner or joint Owner or if the
                                 Owner is a non-natural person, then
                            -    surviving primary Beneficiary(ies); or if none,
                                 then
                            -    surviving contingent Beneficiary(ies); or if
                                 none, then
                            -    the estate of the last Owner to die.

                            If the death benefit is payable to the Owner's
                            spouse, the spouse will have the option to continue
                            the Contract and will then be the Owner of the
                            Contract.

   CALCULATION OF DEATH     The death benefit is the higher of:
   BENEFIT                  (1)  the current contract value; or
                            (2)  if the death benefit is payable upon the sole
                                 Owner's or older joint Owner's death, the
                                 minimum guaranteed death benefit.

                            When determining the higher of (1) or (2) above, the
                            calculations are based on the earlier of:

                            -    the date we receive proof of death and the
                                 first election of how to take the death benefit
                                 payment; or
                            -    six months from the date of death.

                                 IF WE RECEIVE DUE PROOF OF DEATH AND THE FIRST
                                 DEATH BENEFIT PAYMENT ELECTION WITHIN 6 MONTHS
                                 OF THE DATE OF DEATH: If the minimum guaranteed
                                 death benefit exceeds the contract value, we
                                 will add the difference to the contract value
                                 on the date we receive the required information
                                 so that the contract value will equal the
                                 minimum guaranteed death benefit. This
                                 additional amount will be allocated to the
                                 investment options in the same proportion that
                                 Purchase Payments were last allocated.
                                 Thereafter, the contract value will be subject
                                 to investment performance and applicable
                                 charges until the date the death benefit is
                                 paid.

                                 IF WE RECEIVE DUE PROOF OF DEATH AND THE FIRST
                                 DEATH BENEFIT PAYMENT ELECTION MORE THAN 6
                                 MONTHS AFTER THE DATE OF DEATH: If the minimum
                                 guaranteed death benefit exceeds the contract
                                 value on the 6-month anniversary of the date of
                                 death, we will credit the difference with
                                 interest at the prevailing money market rates
                                 from the 6-month anniversary until the date we
                                 receive the required information. At that

                                       16
<Page>

                                 time we will allocate this additional amount,
                                 with the credited interest, to

                                       17
<Page>

                                 the investment options in the same proportion
                                 that Purchase Payments were last allocated.
                                 Thereafter, the contract value will be subject
                                 to investment performance and applicable
                                 contract charges until the date payment is
                                 made.

                            MINIMUM GUARANTEED DEATH BENEFIT: The minimum
                            guaranteed death benefit is initially equal to the
                            first Purchase Payment. It is immediately increased
                            by additional Purchase Payments and adjusted for
                            withdrawals. After such withdrawals, the minimum
                            guaranteed death benefit will be recalculated by
                            multiplying the prior minimum guaranteed death
                            benefit by the ratio of the contract value after the
                            withdrawal to the contract value before the
                            withdrawal.

                            MINIMUM GUARANTEED DEATH BENEFIT RESET: The minimum
                            guaranteed death benefit will be reset on each
                            8-year contract anniversary until the older Owner
                            attains age 72. The reset benefit is equal to the
                            immediately preceding minimum guaranteed death
                            benefit or the contract value on that date, if
                            higher.

   LIMITATION ON DEATH      At most, one minimum guaranteed death benefit will
   BENEFIT                  be paid during the life of the Contract. In
                            addition, the maximum amount that we will add to the
                            contract value is limited to $1 million. This
                            limitation applies to any amount added to the
                            contract value so that the contract value equals the
                            minimum guaranteed death benefit. All subsequently
                            issued contracts will be aggregated for this
                            limitation if your death triggers payment of a death
                            benefit under such contracts.

   PAYMENT OF DEATH         To pay the death benefit, we need proof of death
   BENEFIT                  acceptable to us, such as a certified copy of a
                            death certificate, plus written direction regarding
                            how to pay the death benefit payment. If the death
                            benefit is payable to an Owner's estate, we will pay
                            it in a single payment.

                            The death benefit may be paid as:
                            -    a lump sum payment or series of withdrawals
                                 that are completed within five years from the
                                 date of death; or
                            -    annuity payments made over life or life
                                 expectancy. To receive annuity payments, this
                                 election must be made within 60 days from our
                                 receipt of proof of death. Annuity payments
                                 must begin within one year from the date of
                                 death. Once annuity payments begin, they cannot
                                 be changed.

                            If a person entitled to receive a death benefit dies
                            before the death benefit is distributed, we will pay
                            the death benefit to that person's named beneficiary
                            or, if none, to that person's estate.

DEATH OF ANNUITANT          If the Annuitant is not the Owner and dies after the
ON OR AFTER THE             Annuity Date, then we will continue paying any
ANNUITY DATE                remaining annuity payments to the payee designated
                            by the Owner.

                                       18
<Page>

DEATH OF OWNER              If the Owner dies after the Annuity Date, then any
ON OR AFTER THE             amounts paid after the death of the Owner will
ANNUITY DATE                depend on which annuity option was selected. If the
                            Owner dies while annuity payments are being paid
                            under the Payments Based on a Number of Years
                            annuity option, we will pay a death benefit equal to
                            the contract value as of the date we receive proof
                            of death and the first election of how to take the
                            death benefit payment. If the Owner dies while
                            annuity payments are being paid under another
                            option, we will pay any remaining annuity payments
                            in accordance with that option. We will pay
                            remaining annuity payments at least as rapidly as
                            under the annuity option then in effect. The right
                            to receive the death benefit under the Payments
                            Based on a Number of Years annuity option or to
                            change the payee for remaining annuity payments
                            under another annuity option is determined as
                            follows:
                            -    the surviving Owner or joint Owner; or if none,
                                 then
                            -    the surviving primary Beneficiary(ies); or if
                                 none, then
                            -    the surviving contingent Beneficiary(ies); or
                                 if none, then
                            -    the estate of the last Owner to die.

                                       19
<Page>

                               GENERAL PROVISIONS

ACCOUNT STATEMENTS          At least once each calendar year we will furnish you
                            with a statement showing your contract value or, if
                            applicable and required by law, your Annuity Units
                            and the Annuity Unit values.

ASSIGNMENT OF BENEFITS      This Contract may not be sold, transferred,
                            assigned, discounted, or pledged as collateral for a
                            loan or as security for the performance of an
                            obligation or for any other purpose (other than a
                            transfer incident to a divorce or a tax-free
                            exchange under IRC Section 1035).

COMMUNICATIONS              All written communications to you will be addressed
                            to you at your last known address on file with
                            Safeco Life.

                            All written communications to Safeco Life must be
                            addressed to Safeco Life at its Home Office at 5069
                            154th Place NE, Redmond, Washington 98052-9669 or
                            P.O. Box 3882, Seattle, Washington 98124-3882.

ESSENTIAL DATA              You and each person entitled to receive benefits
                            under this Contract must provide us with any
                            information we need to administer this Contract. We
                            are entitled to rely exclusively on the completeness
                            and accuracy of data furnished by you, and we will
                            not be liable with respect to any omission or
                            inaccuracy.

EVIDENCE OF SURVIVAL        When any payments under this Contract depend upon
                            any person being alive on a given date, we may
                            require satisfactory proof that the person is living
                            before making such payments.

JURISDICTION                In the event of a dispute, the laws of the
                            jurisdiction in which the Contract is delivered will
                            apply.

MISSTATEMENT OF AGE         We may require satisfactory proof of correct age or
OR SEX                      sex at any time.
                            -    If annuity payments are based on life or life
                                 expectancy and the age or sex of any Annuitant
                                 has been misstated, annuity payments will be
                                 based on the corrected information.
                                 Underpayments will be made up in a lump sum
                                 with the next scheduled payment. Overpayments
                                 will be deducted from future payments until the
                                 total is repaid. We will not credit interest on
                                 underpayments or charge interest on
                                 overpayments.
                            -    If the age of any Annuitant or Owner has been
                                 misstated, the amount of any death benefit
                                 payable will be determined based on the correct
                                 age of the Annuitant or Owner.

NONPARTICIPATION            This Contract is nonparticipating, which means it
                            will not share in any distribution of profits,
                            losses, or surplus of Safeco Life.

SEPARATE ACCOUNT            The Separate Account holds the assets that underlie
                            the contract values invested in the Portfolios. The
                            assets in the Separate Account are the property of
                            Safeco Life. However, assets in the Separate Account
                            that are attributable to Contracts are not
                            chargeable with liabilities arising out of any other
                            business we may conduct. Income, gains and losses
                            (realized and unrealized), resulting from assets in
                            the Separate Account are credited to or charged
                            against the Separate Account without regard to other
                            income,

                                       20
<Page>

                            gains or losses of Safeco Life.

                                       21
<Page>

STATE REQUIRED BENEFITS     The benefits of this Contract will not be less than
                            the minimum benefits required by any statute of any
                            state in which this Contract is delivered.

SUSPENSION OF ANNUITY       We may be required to suspend or postpone payment of
PAYMENTS, WITHDRAWALS,      annuity payments, withdrawals, or transfers from the
OR TRANSFERS                Portfolios for any period of time when:
                            -    the NYSE is closed (other than customary
                                 weekend or holiday closings);
                            -    trading on the NYSE is restricted;
                            -    an emergency exists such that disposal of or
                                 determination of the value of the Portfolio
                                 shares is not reasonably practicable; or
                            -    the SEC, by order, so permits for your
                                 protection.

                            In addition, we retain the right to defer payment of
                            withdrawals or transfers from the Fixed Account for
                            a period of 6 months after receiving the request.
                            The interest rates credited to the Fixed Account
                            during this period will not be less than the rate
                            required under state law.

TERMINATION OF CONTRACT     This Contract will terminate when Safeco Life has
                            completed all of its duties and obligations under
                            the Contract.

THE CONTRACT                The Contract, contract data page, and contract
                            application, as may be amended, and any endorsements
                            are the entire Contract. Only an authorized officer
                            of Safeco Life may change this Contract. Any change
                            must be in writing. Safeco Life reserves the right
                            to change the provisions of this Contract to conform
                            to any applicable law, regulation, or ruling issued
                            by a government agency.

VOTING RIGHTS               Safeco Life is the legal owner of the Portfolios'
                            shares. However, when a Portfolio solicits proxies
                            in connection with a shareholder vote, we are
                            required to ask you for instructions as to how to
                            vote those shares. All shares are voted in the same
                            proportion as the instructions we received. Should
                            we determine that we are no longer required to
                            comply with the above, we will vote the shares in
                            our own right.

                                       22
<Page>

                          ANNUITY PURCHASE RATE TABLES

                      VARIABLE ANNUITY PURCHASE RATE TABLE

MORTALITY TABLE USED: The rates in the Variable Annuity Purchase Rate Table are
based upon the Annuity 2000 Mortality Table projected using a generational
approach with an initial projection of 20 years. An age setback of 1 year will
be used if the annuity payments begin in the year 2013-2022, 2 years if the
annuity payments begin in the year 2023-2032, and an additional 1-year setback
for each additional 10 years. The assumed investment return in the table is
4.00%.

Age is to be taken for the exact number of years and completed months. Values
for fractional ages are obtained by simple interpolation. Consideration for ages
or combination of lives not shown will be furnished by Safeco Life upon request.

       CONSIDERATION REQUIRED TO PURCHASE $1 OF MONTHLY VARIABLE ANNUITY*

<Table>
<Caption>
                                                                                           JOINT & SURVIVOR**
               LIFE ANNUITY              LIFE ANNUITY              LIFE ANNUITY                        5 YEARS
             NO PERIOD CERTAIN         5 YEARS CERTAIN           10 YEARS CERTAIN         LIFE         CERTAIN
AGE          MALE        FEMALE        MALE        FEMALE        MALE        FEMALE      ANNUITY      AND LIFE
 <S>      <C>          <C>          <C>          <C>          <C>          <C>          <C>          <C>
 60       $   197.53   $   212.16   $   198.19   $   212.54   $   200.20   $   213.72   $   230.94   $   230.94
 61           193.64       208.52       194.37       208.94       196.57       210.24       227.76       227.76
 62           189.65       204.77       190.44       205.23       192.88       206.66       224.45       224.46
 63           185.55       200.90       186.42       201.42       189.13       202.98       221.03       221.04
 64           181.35       196.93       182.31       197.50       185.33       199.22       217.48       217.50
 65           177.06       192.84       178.12       193.47       181.50       195.37       213.81       213.83
 66           172.68       188.65       173.87       189.33       177.63       191.43       210.02       210.04
 67           168.23       184.34       169.56       185.09       173.76       187.42       206.09       206.12
 68           163.72       179.91       165.22       180.74       169.88       183.34       202.05       202.08
 69           159.18       175.37       160.85       176.29       166.01       179.20       197.88       197.92
 70           154.60       170.71       156.48       171.73       162.17       175.01       193.59       193.64
 71           150.02       165.94       152.11       167.08       158.37       170.78       189.18       189.24
 72           145.44       161.07       147.76       162.36       154.62       166.52       184.66       184.74
 73           140.86       156.11       143.42       157.57       150.93       162.26       180.03       180.13
 74           136.27       151.08       139.09       152.73       147.30       158.01       175.30       175.43
 75           131.68       145.99       134.77       147.87       143.74       153.79       170.48       170.63
 76           127.09       140.88       130.49       143.00       140.26       149.63       165.58       165.76
 77           122.51       135.74       126.25       138.13       136.87       145.54       160.59       160.83
 78           117.95       130.59       122.05       133.29       133.58       141.54       155.55       155.83
 79           113.42       125.44       117.92       128.46       130.42       137.65       150.44       150.79
 80           108.93       120.28       113.85       123.67       127.38       133.89       145.29       145.72
 81           104.49       115.13       109.87       118.94       124.48       130.28       140.10       140.62
 82           100.10       110.01       105.98       114.28       121.74       126.86       134.89       135.53
 83            95.78       104.94       102.19       109.72       119.16       123.63       129.67       130.45
 84            91.53        99.92        98.50       105.28       116.75       120.62       124.46       125.41
 85            87.36        94.99        94.94       100.98       114.50       117.82       119.27       120.42
 86            83.26        90.15        91.50        96.85       112.41       115.23       114.12       115.52
 87            79.24        85.43        88.21        92.92       110.47       112.85       109.02       110.72
 88            75.30        80.83        85.06        89.19       108.68       110.66       103.99       106.04
 89            71.50        76.43        82.09        85.70       107.04       108.66        99.07       101.53
 90            67.84        72.24        79.28        82.44       105.56       106.88        94.29        97.19
</Table>

*   The consideration shown refers to the net value of the Portfolios used to
    purchase a variable annuity after premium taxes or other applicable charges
    are deducted. For example, if the Annuitant is a 65-year old male, a Life
    Annuity initially equivalent to a monthly income of $1,000 will cost
    $177,060. However, because this is a variable annuity, the dollar amount of
    this monthly income is not guaranteed and may increase or decrease.

**  Annuitant and second Annuitant are assumed to be the same age.

                                       23
<Page>

                        FIXED ANNUITY PURCHASE RATE TABLE

MORTALITY TABLE USED: The rates in the Fixed Annuity Purchase Rate Table are
based upon the Annuity 2000 Mortality Table projected using a generational
approach with an initial projection of 20 years. The effective interest rate
assumed in the table is 2.00%.

Age is to be taken for the exact number of years and completed months. Values
for fractional ages are obtained by simple interpolation. Consideration for ages
or combination of lives not shown will be furnished by Safeco Life upon request.

         CONSIDERATION REQUIRED TO PURCHASE $1 OF MONTHLY FIXED ANNUITY*

<Table>
<Caption>
                                                                                          JOINT & SURVIVOR**
               LIFE ANNUITY              LIFE ANNUITY              LIFE ANNUITY                        5 YEARS
             NO PERIOD CERTAIN         5 YEARS CERTAIN           10 YEARS CERTAIN          LIFE        CERTAIN
AGE          MALE        FEMALE        MALE        FEMALE        MALE        FEMALE      ANNUITY      AND LIFE
 <S>      <C>          <C>          <C>          <C>          <C>          <C>          <C>          <C>
 60       $   255.94   $   279.92   $   256.65   $   280.33   $   258.98   $   281.70   $   311.12   $   311.13
 61           249.36       273.38       250.13       273.83       252.70       275.34       304.87       304.88
 62           242.72       266.76       243.56       267.26       246.40       268.91       298.51       298.52
 63           236.01       260.05       236.93       260.60       240.09       262.42       292.04       292.05
 64           229.25       253.27       230.27       253.88       233.78       255.88       285.46       285.48
 65           222.44       246.42       223.57       247.09       227.50       249.29       278.79       278.81
 66           215.61       239.50       216.87       240.23       221.25       242.67       272.02       272.04
 67           208.76       232.51       210.18       233.31       215.06       236.02       265.15       265.18
 68           201.92       225.45       203.52       226.33       208.93       229.36       258.20       258.23
 69           195.12       218.32       196.91       219.30       202.90       222.69       251.16       251.21
 70           188.37       211.14       190.37       212.22       196.98       216.04       244.06       244.11
 71           181.68       203.90       183.91       205.12       191.19       209.41       236.88       236.95
 72           175.07       196.62       177.54       198.00       185.53       202.84       229.66       229.74
 73           168.55       189.33       171.28       190.88       180.01       196.34       222.38       222.49
 74           162.10       182.04       165.10       183.81       174.64       189.94       215.08       215.21
 75           155.71       174.78       159.01       176.79       169.43       183.67       207.75       207.91
 76           149.41       167.58       153.04       169.85       164.39       177.55       200.41       200.61
 77           143.20       160.44       147.18       163.00       159.52       171.61       193.08       193.33
 78           137.08       153.39       141.45       156.26       154.85       165.86       185.77       186.08
 79           131.07       146.41       135.87       149.64       150.39       160.32       178.49       178.87
 80           125.19       139.52       130.43       143.14       146.14       155.02       171.25       171.71
 81           119.42       132.74       125.16       136.80       142.13       149.99       164.06       164.63
 82           113.80       126.08       120.06       130.63       138.35       145.25       156.95       157.64
 83           108.31       119.55       115.13       124.65       134.83       140.82       149.93       150.77
 84           102.96       113.18       110.38       118.89       131.56       136.71       143.01       144.03
 85            97.76       106.98       105.83       113.37       128.54       132.93       136.21       137.45
 86            92.70       100.97       101.48       108.12       125.74       129.45       129.54       131.05
 87            87.79        95.16        97.34       103.14       123.18       126.28       123.02       124.85
 88            83.02        89.57        93.42        98.48       120.82       123.38       116.67       118.88
 89            78.46        84.26        89.74        94.14       118.68       120.77       110.53       113.17
 90            74.10        79.24        86.28        90.11       116.76       118.46       104.61       107.73
</Table>

*   The consideration shown refers to the net value of the Fixed Account used to
    purchase a fixed annuity after premium taxes or other applicable charges are
    deducted. For example, if the Annuitant is a 65-year old male, a Life
    Annuity which provides a guaranteed monthly income of $1,000 will cost
    $222,440.

**  Annuitant and second Annuitant are assumed to be the same age.

                                       24

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00065-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00065-of-00352.parquet"}]]