Life Insurance Portfolio

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1 LIFE INSURANCE Life Insurance Portfolio A Tradition of Excellence In Financial Services INVEST INSURE RETIRE

2 Life Insurance Portfolio NOT A BANK OR CREDIT UNION DEPOSIT OR OBLIGATION NOT FDIC OR NCUA-INSURED NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY NOT GUARANTEED BY ANY BANK OR CREDIT UNION MAY GO DOWN IN VALUE

3 Building Your Business through Strength and Integrity Massachusetts Mutual Life Insurance Company (MassMutual) is a life insurance company of impeccable integrity, indisputable financial strength and operational excellence. The company is composed of business organizations that provide value-added insurance and asset accumulation products and services to individuals, businesses and their employees. MassMutual and its subsidiaries products and services help protect against the adverse financial consequences of one or more of the basic human risks death, disability or outliving one s financial resources and meet other money management needs.

4 MassMutual is one of the nation s most highly respected companies, ranking 90th on the 2004 Fortune 500. * Strength Founded in 1851, MassMutual is one of the nation s leading financial services companies. Over $285 billion in managed assets** Over 10 million clients** Over $415 billion in worldwide insurance in force** MassMutual subsidiaries include: OppenheimerFunds, Inc., which manages over 65 mutual funds David L. Babson & Company, Inc., an institutional money manager Cornerstone Real Estate Advisers, Inc., a real estate equities manager MassMutual International, Inc., with insurance operations in Chile, Argentina, Bermuda and Luxembourg MML Investors Services, Inc., a broker-dealer offering mutual funds and other investment opportunities C.M. Life Insurance Company, offering selected insurance products Antares Capital Corporation, a commercial finance company The MassMutual Trust Company, FSB, a full-service trust company providing fiduciary private investment and trust custodial services * (4/04) ** MassMutual Annual Report Assets under management are as of 12/21/03 and include assets and certain external investment funds managed by our subsidiaries.

5 Reliability MassMutual has earned the trust of its policyholders through a consistent history of excellent ratings from all four of the leading insurance company rating services. These ratings are among the highest enjoyed by any company in the insurance industry. Standard & Poor s Standard & Poor s gives MassMutual its highest possible rating of AAA (Extremely Strong) The ratings affirmations are based on the company s extremely strong and well-diversified business profile, very strong operating performance, continued strong growth in its value-added product segments, extremely strong capitalization, strongly performing investment portfolio and the benefit of its mutual ownership. STANDARD & POOR S, 2003 Moody s Investors Services, Inc. Moody s rates MassMutual Aa1 (Excellent) Moody s insurance financial strength ratings of Massachusetts Mutual Life Insurance Company (MassMutual), C.M. Life Insurance Company and MML Bay State Life Insurance Company are based on the companies strong position in individual life insurance, its large block of participating liabilities, its growing asset management business, and its exceptionally sound capitalization. MOODY S CREDIT OPINION, 2004 A.M. Best Company A.M. Best has assigned MassMutual its highest possible rating of A++ (Superior) The rating reflects the group s consistently favorable earnings performance and strong cash flows driven primarily by its core life and pension businesses. The rating also recognizes MassMutual s strong brand identity. A.M. BEST COMPANY, 2003 Fitch Fitch gives its highest possible rating of AAA (Exceptionally Strong) to MassMutual The rating reflects the company s large and stable block of traditional life insurance, strong competitive position in several major business lines, consistent and favorable profitability, and high-quality balance sheet. FITCH RATINGS, 2004 Ratings are for Massachusetts Mutual Life Insurance Company (MassMutual) and its subsidiaries, C.M. Life Insurance Company and MML Bay State Life Insurance Company. Ratings are as of April 15, 2004 and subject to change.

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7 Integrity Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliated insurance companies have received certification from the Insurance Marketplace Standards Association (IMSA), an industry organization dedicated to promoting ethical conduct in all customer contacts involving sales and service of individual life insurance and annuity and long-term care products. MassMutual is a member of IMSA and subscribes to its Principles of Ethical Market Conduct. These principles are: To conduct business according to high standards of honesty and fairness, and to render that service to its customers which, in the same circumstances, it would apply to or demand for itself. To provide competent and customer-focused sales and service. To engage in active and fair competition. To provide advertising and sales materials that are clear as to purpose, and honest and fair as to content. To provide for fair and expeditious handling of customer complaints and disputes. To maintain a system of supervision and review that is reasonably designed to achieve compliance with these Principles of Ethical Market Conduct.

8 Depth MassMutual s long history and experience with quality allow us to offer one of the most extensive portfolios of premium life insurance products and riders in the industry. Eight Single Life Traditional Products Whole Life Enhanced Whole Life Modified Premium Whole Life High Early Cash Value Whole Life Limited Payment Whole Life Life Paid-Up at Age 65 Twenty Payment Whole Life Ten Payment Whole Life Five Single Life Non-Traditional Products Three Universal Life versions Two Variable Universal Life* versions * Variable life insurance contracts are sold by prospectus. Before purchasing a variable life insurance contract, investors should carefully consider the investment objectives, risks, charges and expenses of the variable life insurance policy and its underlying investment choices. For this and other information about the variable life insurance contract and its underlying investment choices, you may obtain the prospectuses for the variable life insurance contract and its underlying investment choices from your registered representative. Please read the prospectuses carefully before investing or sending money. Seven Survivorship Life Products Four Universal Life versions Variable Universal Life* Two Whole Life versions Four Term Products Level payment designs (5-year, 10-year, 20-year, 30-year) Ability to convert to MassMutual s complete product spectrum

9 Breadth The scope of the life insurance portfolio allows MassMutual to offer solutions to a wide range of client problems. Personal Needs Income Replacement College Funding Personal Planning Estate Preservation Long Term Care Benefits Business Needs Buy-Sell Succession Planning Retirement Compensation Programs Deferred Compensation Key Employees Split Dollar Group Carve-Out MassMutual s wide range of sophisticated product features and diverse riders allow extensive flexibility in customizing products to fit clients specific needs. Many types of riders offered.,* including: Disability Waiver of Premium One-Year Term Pour-In Additions Accelerated Death Benefit Other Insured Term Guaranteed Insurability Policy Split Option Accidental Death Exchange of Insured Additional Insurance Products for a variety of client risk tolerance profiles and liquidity situations. Variable life insurance products link a broad array of investment managers and styles, enabling clients to tailor their life insurance protection to their investment risk profile Tailored premium levels (Low, Medium or High) *Not all riders available on all products.

10 Value Whether examining our excellent financial results, continued operational efficiencies, favorable underwriting experience or customer satisfaction, you ll find that MassMutual has the financial strength needed to satisfy the safety you re seeking, plus the commitment to provide the service you deserve. As one of the nation s premier insurance companies, we serve more than ten million policyholders and participants, and operate the company for their benefit.

11 Our family of companies includes Massachusetts Mutual Life Insurance Company (MassMutual) and its subsidiaries: OppenheimerFunds, Inc. New York, New York David L. Babson & Co., Inc. Cambridge, Massachusetts Cornerstone Real Estate Advisers, Inc. Hartford, Connecticut Massachusetts Mutual Life Insurance Company Springfield, Massachusetts MassMutual International, Inc. Springfield, Massachusetts MML Investors Services, Inc. Springfield, Massachusetts C.M. Life Insurance Company Hartford, Connecticut Antares Capital Corporation Chicago, Illinois MassMutual Trust Company, FSB Hartford, Connecticut

12 Massachusetts Mutual Life Insurance Company and affiliates, Springfield, MA MassMutual Financial Group is a marketing designation (or fleet name) for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliates. LI C: