1. Quality and Performance 2009 Focused on Quality and Performance

2. Contents 1 | Quality and Performance 2009 2 | The Mutual Advantage 3 | MassMutual Customer VoicesSM Meet the Riggs 4 | Our Company 5 | Who We Are and What We Do 6 | Rating Your Insurer 7 | MassMutual Customer VoicesSM Meet the Purcells 8 | How MassMutual Stacks Up 9 | 2008 Operating Results10 | Standing Behind Our Obligations11 | MassMutual Customer VoicesSM Meet Elizabeth Binnings12 | Our Loyal Policyholders13 | Dividend Interest Rates14 | Historical Dividend Studies from MassMutual16 | Actual Historical Performance Since 1980NOT A BANK OR CREDIT UNION DEPOSIT OR OBLIGATION NOT FDIC OR NCUA INSURED NOT INSURED BY ANY FEDERALGOVERNMENT AGENCY NOT GUARANTEED BY ANY BANK OR CREDIT UNION 3. Quality and Performance 2009 For over 158 years, MassMutual has demonstrated qualities like strength, experience and stability. For us, this is not a new approach. As a matter of fact, through the most prosperous and turbulent of economic times, these qualities make up who we are, what we do and what well keep on doing. Throughout the years, our main focus has never wavered. We help people like you take the next step toward a more secure financial future. Instead of chasing after the hot product to sell in each market cycle, we remain committed to products that have proven to be trustworthy, reliable and steady through all kinds of economic and social conditions. And were committed to a nationwide network of highly trained and knowledgeable financial professionals who think the way we do in terms of long-term value. With both whole life sales and the number of financial professionals affiliated with MassMutual up substantially through 2008 and 2009, were continuing to see those commitments yield solid results.As a mutual company, we operate for the benefit of our members and policyholders. Its not about fitting you into a category or rushing you into a sale. Its about establishing a long-term relationship and helping you build your financial future.Quality and Performance provides you with information about MassMutuals ownership, diver- sification, financial strength, quality and historical dividend performance so you can have the confidence of knowing MassMutual is a good decision. What company can you depend on for the long term? Since 1851, the answer is MassMutual.Quality and Performance 2009 1 4. The Mutual Advantage Your interests come first. Thats our commitment to you. A prudent We believe our mutual ownership provides a distinct advantage. We have no shareholders, so we face no short-term market pressures to manage investment philosophy quarter-to-quarter to meet shareholder earnings expectations or to enhance Being mutual means ourshareholder value. Our commitment is to help you focus on what you value investment philosophy starts with most and to understand how lifes uncertainties could impact your plans and aspirations. an eye on the future. We do the hard work and make the toughWe seek to maintain the financial strength and stability of the Company to decisions to position ourselves meet future obligations and to serve the long-term interests of our customers.against short-term market What does it mean to be mutually owned pressures. And, because were (or member-owned)? not publicly traded, we face no pressure to enhance stock prices. There are two common forms of insurance company structure mutual and stock. As a mutual company, MassMutual does not have any shareholders and is often described as being owned by its members. This generally means that if you are insured under a whole life insurance policy issued by MassMutual, for example, you are a member entitled to vote for the Companys Board of Directors.Moreover, if you also own the policy, you may be entitled to share in any dividends the Company may declare. Who is an eligible participating policy owner? One example of an eligible participating policy owner is an owner of an individual whole life policy issued by MassMutual who benefits from the companys mutual status by sharing in any annual dividends, if declared.After setting aside a safe margin for reserves and surplus, MassMutual pays any amount left over to eligible participating policy owners in the form of declared dividends based on predetermined factors.For more information on how our mutuality works for you, visit www.massmutual.com/mutuality. 2Quality and Performance 2009 5. MassMutual Customer VoicesSM real people, real solutions As we look back at thedifferent decisions weve madewith our finances over the years, we really think that this has been one of the best. Cindy and Joe RiggsMeet the Riggs FamilyProfile Leaving the legacy of a small business Joe and Cindy Riggs are the owners of Bowling Helping to protect a family owned small business Green Golf Club. Joe inherited the business from his father, Albert Riggs. Wed like to think that the land MassMutual life insurance is still founded in its original roots, that a number of generations of our family have been involved with allJoe and Cindy have made many decisions regarding these years, Joe says, all the more reason to be surepreserving their assets and providing for their familys that continuity can be maintained in the future.future, and were pleased with the choices thatweve made. They sought advice from a MassMutual financial professional to plan for successfully passing the business and their wealth to their children, Will and Sarah.Over the years Joe and Cindy have worked with their MassMutual financial professional and their attorney on comprehensive estate planning including whole life insurance that continues to build cash value, and a large amount of second-to-die insurance, which will allow the family business to pass to Will and Sarah without being encumbered by federal estate tax. Their heirs will be able to pay the taxes on the property with the value ofWatch the video at the life insurance policy and the business could remain www.massmutual.com/customervoices intact without any liquidation.Quality and Performance 20093 6. Our Company Experienced people, exceptional products. MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliated companies MassMutual and our affiliated and sales representatives. insurance companies have received certification from We serve individuals and businesses worldwide with a broad portfolio of IMSA, an industry organizationfinancial products.1 Were a global company, and were also the local dedicated to promoting ethicalfinancial professionals you can get to know and work with one-on-one. conduct in all customer contacts involving sales and service ofOur family of companies includes: individual life insurance, annuityBabson Capital Management LLC and long term care products.Baring Asset Management Limited C.M. Life Insurance Company Cornerstone Real Estate Advisers LLC MassMutual Asset Finance MassMutual International LLC MML Bay State Life Insurance Company MML Investors Services, Inc. OppenheimerFunds, Inc. The MassMutual Trust Company, fsb 1 Products and services are available where the companies and sales agents are licensed to do business. 4Quality and Performance 2009 7. Who We Are and What We Do Our businesses Our relationships Our solutionsInsurance1 Individuals Permanent and term life insurance Businesses and business owners Disability income insurance Key business executives Long term care insurance Employee benefit plan sponsors Executive benefits and benefit Agentsfunding vehicles Trust services2Retirement Financial professionals including advisers, Defined benefit plans / consulting broker-dealers, wirehouses, consultants, Defined contribution / 401(k) plans third-party administrators Nonqualified deferred compensation plans Retirement plan sponsors: Businesses, labor unions, tax-exempt organizations Tax-exempt plans including 403(b) and 457 Participants in employer-sponsored Taft-Hartley plans retirement plans Deferred and immediate annuities Individuals and business owners IRAsInvestment Management 3 Individual investors Mutual funds Institutional investors Separately managed accounts Advisors / Intermediaries Investment management for institutions and sub-advisory services 529 college savings plans Fixed income and absolute return strategies Medium term notes Structured product Corporate and commercial real estate financingInternational4 Individuals Fixed and variable annuities deferred Key business executives and immediate Corporations, businesses and institutions Life insurance: Universal and variable Advisors / Intermediaries Whole life: Individual and group Defined contribution plans Structured notes1 U.S. Insurance Group products issued by MassMutual, Springfield, MA 01111 and its subsidiaries, C.M. Life Insurance Company and MML Bay State Life Insurance Company, Enfield, CT 06082 2 Trust services provided by MassMutual Trust Company, FSB 3 Securities offered through registered representatives of MML Investors Services, Inc., a MassMutual subsidiary. Investment management services offered by Babson Capital Management LLC, Boston/Springfield, MA, Baring Asset Management Limited, London, U.K., Cornerstone Real Estate Advisers LLC, Hartford, CT and OppenheimerFunds, Inc., New York, NY. 4 International products and services are not available in the United States.Quality and Performance 20095 8. Rating Your Insurer Financial strength and security. One measure of a companys value to Insurer ratings provide a third-its customers is its financial strength. party analysis of a companys Financial strength ratings are a key indicator of a companys financial financial condition. This may strength and ability to deliver on its contractual obligations meaning help buyers assess the relative paying on its commitments. At MassMutual, our exceptional financial risk of doing business with strength is underscored by ratings that are among the highest in that company. any industry: A.M. Best Company A++ (Superior; top category of 15)* This rating is assigned to companies that have, in Bests opinion, a superior ability to meet their ongoing obligations. Moodys Investors Service Aa2 (Excellent; third category of 21)* Insurance companies rated Aa offer excellent financial security. Together with the Aaa group, they constitute what are generally known as high-grade companies. Standard & Poors AA+ (Very Strong; second category of 21)* An insurer rated AA+ has VERY STRONG financial security characteristics. AA+ is the second highest Insurer Financial Strength Rating assigned by Standard & Poors. Fitch Ratings AAA (Exceptionally Strong; top category of 21)* Insurers assigned this highest rating are viewed as possessing an exceptionally strong capacity to meet policyholder and contract obligations. This capacity is highly unlikely to be adversely affected by foreseeable events. Ratings are as of November 2, 2009 and are subject to change. Ratings are for MassMutual, MML Bay State Life Insurance Company and C.M. Life Insurance Company. * Source: Bests Credit Rating System and Procedures, 2009 Edition; Moodys Rating Symbols & Definitions, June 2009; Standard & Poors Insurance Ratings Criteria Life Edition 2005; Fitch Ratings Definitions of Ratings and Other Scales, March 2009.6Quality and Performance 2009 9. MassMutual Customer VoicesSM real people, real solutions I wouldnt have beenable to take care of my mother all those years without thelife insurance trust that my father put in place. John Purcell Meet the PurcellsProfile Caring for an adult with a disability Jack and Nan Purcell had been married for many Helping to protect a family years when Nan became disabled and confined to a MassMutual life insurance wheelchair. Jack was concerned about what might happen to his wife if he was not around.Only fourteen months after a substantial life insurance Jack called his MassMutual financial professional, and policy was put in place in this trust, the insurance policy longtime family friend, for help. He quickly realized that paid a large death claim and the insurance money Jack was spending more and more time as a caregiverallowed the Purcells oldest son, John, to take over for and it was important to help Jack make plans to have his his father as caregiver. wife cared for the way he wanted after he was gone.The insurance money provided the means for John He also recommended that a substantial life insuranceto carry out his fathers wishes. John took care of his policy be placed into a life insurance trust. The purposemother for eleven years. Jack had made a good decision. of the trust was to provide funds to take care of Nan so she would be able to stay in her own home if something happened to Jack.Watch the video atwww.massmutual.com/customervoicesQuality and Performance 2009 7 10. How MassMutual Stacks Up Total Revenues of Well-known Companies MassMutual $18,744.6Nike$18,627.0J.C. Penney$18,486.0Union Pacific $17,970.0 Xerox $17,608.0 Kohls $16,389.0 Colgate-Palmolive $15,329.9 Viacom $14,625.0 Office Depot$14,495.5CBS$13,950.4Sun Microsystems $13,880.0General Mills $13,652.1 Texas Instruments $12,501.0 US Airways Group$12,118.0 Dish Network$11,617.2 Avon Products $10,690.1 BJs Wholesale Club$10,027.4Eastman Kodak$9,416.0Limited Brands $9,043.0 GameStop $8,805.9 Nordstrom $8,573.0Whole Foods $7,953.9Yahoo $7,208.5Black & Decker $6,086.1 0$5,000$10,000 $15,000$20,000Source: Fortune magazine, May 4, 2009 Revenues in millions as of December 31, 2008 8 Quality and Performance 2009 11. 2008 Operating ResultsTotal enterprise-wide assets Focus on the future.under management (in billions)08 $36307 $505 As a mutual company, we make decisions differently 06$456$396 because we are accountable to our members. 0504 $32603 $285 We offer a long-term focus, providing the strength and stability you expect02$240 from us.Premiums and other deposits (in millions)08 $25,109 To meet our policyholders and customers needs over the long term, all of$29,43807 our businesses directly support our core insurance operations and reinforce06 $26,26805 $24,735 our product portfolio. MassMutual had $18.7 billion of revenues in 200804 $23,410 (as compiled in accordance with Fortune magazines revenue formula) and03 $20,06302 $17,725 remains on Fortunes most admired companies list for 2009.1 Worldwide insurance in force (in billions)08 $52307 $503 Financial Highlights 06 $47305$447 (As of or for the year ended December 31, 2008)04 $43303$415 Enterprise-wide Measures 02$382 Total Assets Under Management2 . . . . . . . . . . . . . . . $363 billionLife company assets and liabilites (in billions)Premium and Other Deposits3 . . . . . . . . . . . . . . . . . . $25 billion$12608 $116$131Worldwide Insurance in Force . . . . . . . . . . . . . . . . . . $523 billion 07$123$12206$115 Consolidated Statutory Results$11405 The following consolidated statutory results of MassMutual also include$107$108 the results of its U.S.-domiciled wholly-owned subsidiaries: MML Bay 04 $102 State Life Insurance Company and C.M. Life Insurance Company. $9703$90$84 AssetsLife Company Assets . . . . . . . . . . . . . . . . . . . . . . . . . $125 billion02 Liabilities $78 Life Company Liabilities . . . . . . . . . . . . . . . . . . . . . . . $117 billionTotal adjusted capital (in millions)08 $9,548Dividends to Policyholders . . . . . . . . . . . . . . . . . . . . . $1,331 million 07$10,29406 $9,42805 $8,78704$7,97803 $7,7531Fortune magazine, May 4, 200902 $7,2062Assets Under Management includes assets and certain investment funds managed by oursubsidiaries.3Premium and Other Deposits include the premium of our world wide insurance operations, Source: 2002, 2003, 2004, 2005,and deposits made into certain external investment funds managed by our subsidiaries.2006, 2007, 2008 Annual Reports Quality and Performance 20099 12. Standing Behind Our ObligationsPolicyholder benefits paid in 2008.At MassMutual, we help you keep your promises to those you care about.The benefits paid to policyholders in 2008 serve as proof of our commit- We sold our first life insurancement to our customers. policy in 1851.More than 158 years later, wereLife Insurance Death Benefits . . . . . . . . . . . . . . . .$1.2 billion still helping to provide financialAnnuity Benefits. . . . . . . . . . . . . . . . . . . . . . . . . . .$859 million security to those who seek it.Disability Benefits . . . . . . . . . . . . . . . . . . . . . . . . .$295 million Dividends to Policyholders . . . . . . . . . . . . . . . . . . .$1.3 billion We are a company that helps people like you take the next step toward amore secure financial future. We want you to have both confidence andpride in us as your company. Source: 2008 Annual Statement. These combined statutory results of MassMutual also include its U.S. wholly-owned subsidiaries: MML Bay State Life Insurance Company and C.M. Life Insurance Company.10Quality and Performance 2009 13. MassMutual Customer VoicesSM real people, real solutions Im happy that I purchased my MassMutual disability incomeinsurance policy twenty years ago because it has made my life so much easier today. Elizabeth Binnings Meet Elizabeth BinningsProfile Surviving with a disabilityElizabeth Binnings became a nurse anesthetist in 1985. Helping to protect a portion of your incomeShe enjoyed taking the time to connect with her patientsto put them at ease. MassMutual disability income insurance Then in 2007, Elizabeth was pushing a patient on aInitially, Elizabeth returned to work part-time. She thengurney just like she would any other day, but she felt adeveloped a rare auto-immune disorder that ultimatelypull in her lower back. The following morning she wokecaused her to not be able to work at all.up in severe pain, unable to move her legs. SurgeryAlthough Elizabeth loved her job and was disappointedrepaired a disk in her spine, but she did not regainwhen her doctor certified her inability to go back to work,complete sensation in her legs.she was relieved to have had her MassMutual disabilityThankfully, twenty years earlier, Elizabeth met withincome insurance policy and her claims examinersher MassMutual financial professional and purchased guidance and support throughout the process.a MassMutual disability income insurance policy toTo have to worry about the financial obligations ofhelp protect a portion of her income in the event of ahelping to maintain my lifestyle without a paycheckdisability. I never wanted to be a burden to my family orwould have been very difficult, says Elizabeth. It wasfriendsas a young woman I thought it was importantnice to know there was someone who cared on the otherto be prepared, says Elizabeth.end of the line, says Elizabeth.A senior claims examiner at MassMutual was assignedto Elizabeths case and helped her with her claim. Watch the video atwww.massmutual.com/customervoicesThese policies have exclusions and limitations. For costs and complete details of coverage, please call your MassMutual agent or MassMutual at (800)272-2216 to be referred to an agent in your area.Quality and Performance 2009 11 14. Our Loyal PolicyholdersProviding security since 1851.An insurance companys lapse percentage can show how satisfied itspolicyholders are with their insurer. The lapse percentage indicates how MassMutual has a long historymany in force or active policies per 100 are terminated during a specified of providing quality productstime period due to cancellation of the policy or the policyholders failure and service to our life insuranceto pay premiums on time. MassMutuals lapse percentage* is among the policyholders, so many of themlowest in the industry** a numeric symbol of our policyholders choose MassMutual for theirongoing trust. lifetimes. As of December 31, 2008, over 95,000 policies haveThe chart below indicates the percentage of individuals that kept been with Massachusetts Mutual their policies in force over each of the past five years, along with our Life Insurance Company for overfive-year average. 50 years a powerful measure of 5 year long-term value and satisfaction. 2004 2005 2006 2007 2008 average95.195.2 95.7 95.7 95.095.3 Policy yearsNumber ofConversely, the chart below indicates the percentage of policies lapsed by in force policiespolicyholders over the same time period. 50-59 years 70,697 60-69 years 20,4605 year 2004 2005 2006 2007 2008 average 70-79 years4,3964.94.84.34.35.0 4.7 80+ years306 Total 50+ years over 95,000* Lapse percentage numbers are calculated for Massachusetts Mutual Life Insurance Company only and do not include subsidiaries. ** Source: National Underwriter Insurance Data Services from Highline Data, 2009.12Quality and Performance 2009 15. Dividend Interest Rates for Participating Life Insurance PoliciesThe way companies apply dividend interest rates to calculate dividends varies. Some companies quote gross rates. Others,Policies issued by MassMutual since March, 1996 including MassMutual, quote rates that are net of investment DividendDividend expenses only, while yet others quote rates that takeYear Yearinterest rate interest rate1996 8.40%2004 7.50% additional items into consideration.1997 8.40%2005 7.00%1998 8.40%2006 7.40% Policies issued by MassMutual prior to March, 1996 1999 8.40%2007 7.50%2000 8.20%2008 7.90% DividendDividend Year2001 8.20%2009 7.60%Year interest rate Yearinterest rate2002 8.05%2010 7.00%19787.40%1994 9.30%7.90%200319797.80%1995 9.00%19808.27%1996 8.40%19818.27%1997 8.40% Policies issued by the former Connecticut Mutual19829.22%1998 8.40% Life Insurance Company prior to March, 1996.*198311.60% 1999 8.40%DividendDividend198411.60% 2000 8.30% Year interest rate Yearinterest rate198512.20% 2001 8.30% 198611.35%1998 7.70%198612.20% 2002 8.10% 198711.35%1999 7.70%198712.20% 2003 7.90% 198810.85%2000 7.65%198811.35% 2004 7.50% 1989 9.05%2001 7.75%198911.15% 2005 7.00% 1990 9.05%2002 7.85%199010.50% 2006 7.55% 1991 9.05%2003 8.00%199110.50% 2007 7.55% 1992 9.05%2004 7.45%19929.95%2008 7.90% 1993 8.80%2005 6.65%19939.45%2009 7.45% 1994 8.10%2006 7.25% This block of business is no longer sold.1995 8.05%2007 7.45%1996 7.70%2008 7.75% The dividend interest rate is used to determine the1997 7.70%2009 7.40% investment component of dividends; it is not the rate ofThis block of business is no longer sold. All rates shown assume an Adjustable Loan Rate starting in 1983. return on the policy. Dividends include an investment component, a mortality component and an expense component. Therefore, dividend interest rates should not be used as the basis for comparing insurers. Dividends are not guaranteed.*MassMutual and the former Connecticut Mutual Life Insurance Company merged in March, 1996. Quality and Performance 200913 16. Historical Dividend Studies from MassMutualMassMutual has a long-standing reputation for not onlylife insurance. In the charts, dividends are shown as initially standing behind its obligations, but also for providing goodillustrated in 1980 and compared to the dividends that were value to its policyholders. One example is its dividend actually paid each year. paying history.Customers who purchase certain types of participating policies, such as whole life insurance, are eligible to receive a portion of the Companys divisible surplus, in the form of policy dividends. Dividends are not guaranteed. Divisible surplus is paid out after the company sets aside funds required to cover contractual obligations (reserves), operating expenses, contingencies for unexpected losses (such as worsening mortality or economic conditions) and for general business purposes. Each year the Board of Directors votes on the amount and allocation of divisible surplus.Mutual companies, such as MassMutual, set initial premiums using conservative assumptions to ensure that the company will collect enough to pay all benefits even under very adverse future scenarios. If the premiums are more than adequate, an eligible MassMutual participating policyholder receives a policy dividend. The size of the dividend each policyholder receives is determined by the Contribution Principle, which states that divisible surplus is returned to policyholders as they contribute to the surplus.The numeric tables that follow illustrate MassMutuals actual historical dividend information on different whole life insurance products that were issued in 1980. In these historical examples, we used the best underwriting class that was available at time of issue (non-smoker). The issue ages are shown in the examples. The examples assume that dividends are used to purchase paid up additional whole 14 Quality and Performance 2009 17. The historical study gives an interesting perspective on the history of illustrated vs. actual numbers, and shows that illustrated numbers really dont reflect what will actually happen. The results were more favorable than those initially illustrated in 1980. One reason for the difference is that the dividend interest rates since 1980 were higher in some years, compared to the initial dividend interest rate of 8.27%.When the initial illustration shows a dividend interest rate that is higher than the actual dividend interest rates paid, the actual values will typically be lower than initially illustrated. Dividend terms The results shown in the following tables are based on the actual experience of the company over the period of time in terms of interest rates, mortality and expenses. Dividends on a policy illustration are not estimates or guarantees. Dividends paid in future years will be lower or higher than illustrated, depending on MassMutuals actual experience. Description of terms used in charts Guar CV Refers to Guaranteed Cash SurrenderValue and is the amount of the cash surrender valuewhich is guaranteed under the policy. IRR The Internal Rate of Return (IRR) is the rate Termination Dividend (Also known as Settlementat which outlays up to that year must be compoundedDividend) The Termination Dividend is notat each and every year to generate the Total Cashguaranteed and is payable only on surrender, maturityValue or Total Death Benefit. For example, in theor at death. It is included in the Total Cash SurrenderMale, Age 45 historical study of a Convertible Whole Value and the Total Death Benefit.Life policy issued in 1980, the IRR on the Total CashValue was initially illustrated at 3.13%, however, theIRR based on actual dividends paid was 5.08%. MM Block Refers to policies issued by MassMutualprior to the merger with the former Connecticut MutualLife Insurance Company in 1996. Policies in this blockof business are no longer sold.Quality and Performance 200915 18. Actual Historical Performance Since 1980 Hypothetical policy issued in 1980.*Convertible Life MM Block $250,000 Policy Male age 45, nonsmoker Premium $5,910.00 Reserve Basis (CSO and percent) 1958 CSO - 4.00%With Paid-Up Additions Options** PolicyGuarCash Dividends Total Dividends Total Cash ValueTotal Death Benefit AnniversaryCVIllust.ActualIllust. ActualIllust. # Actual #Illust.#Actual#19810398398 398 398398 398 251,036 251,03619824,330560560 570 5705,3105,310252,479 252,47919839,223715715 741 74110,97310,973254,297 254,297198414,198 8751,453 921 1,56516,92117,565256,493 258,027198519,253 1,0301,793 1,102 2,07223,15824,790259,045 262,826198624,380 1,1582,118 1,260 2,57829,65832,656261,882 268,630198729,578 1,3202,453 1,459 3,14236,46541,231265,076 275,507198834,838 1,4782,595 1,660 3,53943,57950,357268,611 283,042198940,160 1,6402,793 1,873 3,90751,01560,014272,492 291,138199045,540 1,8082,735 2,098 4,03558,78769,967276,724 299,279199150,885 1,9683,120 2,322 4,72666,80680,687281,288 308,567199256,270 2,1202,990 2,546 4,74375,15391,593286,165 317,651199361,685 2,2703,018 2,776 4,92883,827102,840 291,348 326,854199467,123 2,4383,295 3,032 5,47992,851114,788 296,872 336,836199572,578 2,6083,500 3,301 5,848 103,205128,227 303,709 348,202199678,035 2,8083,605 3,611 5,976 114,096142,081 311,092 359,692199783,490 2,9953,890 3,921 6,589 125,526156,994 319,005 372,293199888,935 3,1784,405 4,238 7,495 137,493172,696 327,439 385,896199994,360 3,3634,825 4,567 8,366 148,715189,408 335,109 400,639200099,755 3,5335,103 4,894 9,047 160,069206,943 342,884 416,1802001 105,105 3,7035,333 5,233 9,872 171,812224,849 351,027 432,1262002 110,398 3,8905,355 5,60410,326 183,962243,330 359,575 448,4602003 115,610 4,0905,580 6,00811,253 196,527262,825 368,562 465,8752004 120,728 4,3005,123 6,44210,943 209,521281,501 378,019 481,9402005 125,738 4,5384,640 6,92910,517 222,980299,787 388,010 497,1052006 130,640 4,7655,785 7,42713,145 236,917320,716 398,536 515,7352007 135,445 4,9436,210 7,88114,338 251,304342,905 409,520 535,7212008 140,165 5,0857,038 8,30216,626 266,125367,475 420,907 558,525 ####2009 144,82510,200 15,75813,70425,515 281,395392,345 432,660 581,163Termination Dividend 5,0008,750 5,000 8,750IRR 29 years 3.13%5.08%5.64%7.28% * Assumes policy originally issued with fixed loan rate updated to # Numbers include termination dividend in 2009 for cash dividends andadjustable loan rate in 1983.total dividends. Termination dividend included in Total Cash Surrender ** Assumes no paid-up additions are surrendered.Value and Total Death Benefit beginning in year 15. 16 Quality and Performance 2009 19. Actual Historical Performance Since 1980 Hypothetical policy issued in 1980.*Convertible Life MM Block$250,000 PolicyMale age 55, nonsmoker Premium$9,712.50 Reserve Basis (CSO and percent) 1958 CSO - 4.00% With Paid-Up Additions Options**Policy Guar Cash DividendsTotal DividendsTotal Cash ValueTotal Death BenefitAnniversary CV Illust.Actual Illust. Actual Illust. # Actual #Illust.#Actual# 1981 255 1,7551,7551,7551,7552,0102,010253,449 253,449 1982 7,008 1,8701,8701,9171,91710,72510,725257,120 257,120 198313,800 1,9831,9832,0822,08219,69519,695261,008 261,008 198420,623 2,0933,0502,2513,43428,91630,099265,109 267,264 198527,463 2,2083,4252,4314,22638,39041,398269,432 274,779 198634,308 2,3953,8632,6915,04448,18853,620274,105 283,538 198741,153 2,5854,3052,9635,94558,32066,862279,133 293,627 198847,980 2,7754,4583,2466,59168,78580,866284,518 304,563 198954,785 2,9554,7003,5277,13279,57895,534290,242 316,140 199061,550 3,1334,5753,8167,33490,695110,512 296,306 327,792 199168,263 3,3155,0084,1218,372 102,140126,623 302,719 340,820 199274,898 3,5054,9234,4468,589 113,909143,032 309,500 353,920 199381,438 3,7135,0034,8049,014 126,018159,923 316,686 367,403 199487,858 3,9335,4505,19010,082138,470177,907 324,306 382,204 199594,143 4,1735,6885,61710,736152,546197,817 333,660 398,941 1996 100,290 4,4235,7336,07110,878167,181218,048 343,685 415,777 1997 106,315 4,6055,9006,46811,708182,330239,614 354,278 433,997 1998 112,235 4,7606,9536,84313,528197,004262,676 364,411 454,077 1999 118,080 4,8907,5157,20114,987211,307287,307 374,134 475,838 2000 123,863 4,9957,8337,54216,098225,986312,794 384,164 498,373 2001 129,580 5,0708,2637,85617,486241,013338,693 394,458 521,284 2002 135,215 5,1308,4508,16018,258256,353365,495 404,997 544,865 2003 140,735 5,1938,9388,47619,790271,977393,910 415,793 570,071 2004 146,095 5,2658,6058,81419,495287,845422,046 426,870 594,573 2005 151,265 5,3388,4059,16319,168303,926449,799 438,241 618,360 2006 156,233 5,4039,2309,51622,273320,200480,553 449,909 645,669 2007 160,993 5,4639,4559,87523,663336,660512,598 461,880 674,352 2008 165,560 5,5109,660 10,22725,819353,312546,716 474,143 705,312 # # # # 2009 169,95810,553 17,890 15,58433,819370,189580,045 486,704 735,064 Termination Dividend 5,0008,7505,000 8,750 IRR 29 years 1.77%4.47%3.44%5.83% * Assumes policy originally issued with fixed loan rate updated to # Numbers include termination dividend in 2009 for cash dividends andadjustable loan rate in 1983.total dividends. Termination dividend included in Total Cash Surrender ** Assumes no paid-up additions are surrendered.Value and Total Death Benefit beginning in year 15. Quality and Performance 2009 17 20. Actual Historical Performance Since 1980 Hypothetical policy issued in 1980.*Life Paid-up at 65 Whole Life MM Block$250,000 Policy Male age 35, nonsmoker Premium $4,427.50Reserve Basis (CSO and percent) 1958 CSO - 4.00% With Paid-Up Additions Options**PolicyGuarCash Dividends Total Dividends Total Cash ValueTotal Death BenefitAnniversaryCV Illust.Actual Illust. ActualIllust. # Actual #Illust.#Actual#1981 0270270 270 270270 270 250,965 250,9651982 2,823355355 362 3623,4633,463252,218 252,2181983 6,793448448 464 4647,9197,919253,773 253,773198410,880548955 577 1,02612,62013,069255,643 257,102198515,088650 1,205695 1,38417,57918,733257,827 261,450198619,408770 1,475835 1,77422,81424,944260,366 266,847198723,848893 1,753981 2,20728,34531,769263,259 273,353198828,405 1,0281,9851,145 2,61534,19039,192266,530 280,826198933,083 1,1552,1881,306 2,94540,35547,154270,148 288,985199037,885 1,2902,1731,480 3,07146,86555,467274,125 297,236199142,660 1,4252,4251,660 3,55053,57764,334278,452 306,487199247,553 1,5682,2301,854 3,46160,65773,349283,141 315,241199352,560 1,7182,2132,063 3,55368,12282,688288,205 323,964199457,685 1,8652,3602,275 3,89075,98592,599293,629 333,239199562,923 2,0152,4982,497 4,13884,962103,705 300,118 343,528199668,278 2,1532,5132,713 4,15794,467115,196 307,045 353,706199773,745 2,3302,7352,982 4,614 104,555127,469 314,508 364,706199879,330 2,5002,9883,253 5,139 115,244140,437 322,491 376,454199985,038 2,6733,2603,536 5,713 126,560154,261 330,998 389,103200090,868 2,8483,4353,833 6,155 137,519168,819 339,030 402,328200196,825 3,0083,7384,123 6,804 148,707183,929 347,131 416,1032002 102,915 3,1653,8304,421 7,113 160,441199,670 355,598 430,1282003 109,138 3,3204,0704,726 7,751 172,734216,380 364,424 445,0082004 115,503 3,4853,7055,059 7,354 185,626233,039 373,640 458,8092005 122,018 3,6533,2505,407 6,748 199,144249,427 383,255 471,2122006 128,693 3,8334,1155,786 8,586 213,331267,978 393,302 486,5282007 135,545 4,0104,3906,180 9,324 228,225287,645 403,789 502,7542008 142,588 4,1885,1186,59011,024 243,856309,405 414,724 521,447####2009 149,848 9,353 13,303 11,99919,183 260,253331,290 426,084 539,213Termination Dividend 5,0008,4885,0008,488IRR 29 years4.38%5.76%7.16%8.44% * Assumes policy originally issued with fixed loan rate updated to#Numbers include termination dividend in 2009 for cash dividends andadjustable loan rate in 1983. total dividends. Termination dividend included in Total Cash Surrender ** Assumes no paid-up additions are surrendered. Value and Total Death Benefit beginning in year 15. 18Quality and Performance 2009 21. Actual Historical Performance Since 1980 Hypothetical policy issued in 1980.*Life Paid-up at 65 Whole Life MM Block$250,000 Policy Female age 35, nonsmoker Premium$4,077.50 Reserve Basis (CSO and percent) 1958 CSO - 4.00% With Paid-Up Additions Options**Policy Guar Cash Dividends Total Dividends Total Cash ValueTotal Death BenefitAnniversary CV Illust. Actual Illust. ActualIllust. #Actual # Illust.#Actual#19810 270270 270 270270270250,965 250,96519822,823 355355 362 3623,4633,463252,218 252,21819836,793 448448 464 4647,9197,919253,773 253,7731984 10,880 548955 577 1,02612,62013,069255,643 257,1021985 15,088 6501,205 695 1,38417,57918,733257,827 261,4501986 19,408 7701,475 835 1,77422,81424,944260,366 266,8471987 23,848 8931,753 981 2,20728,34531,769263,259 273,3531988 28,405 1,0281,985 1,145 2,61534,19039,192266,530 280,8261989 33,083 1,1552,188 1,306 2,94540,35547,154270,148 288,9851990 37,885 1,2902,173 1,480 3,07146,86555,467274,125 297,2361991 42,660 1,4252,425 1,660 3,55053,57764,334278,452 306,4871992 47,553 1,5682,230 1,854 3,46160,65773,349283,141 315,2411993 52,560 1,7182,213 2,063 3,55368,12282,688288,205 323,9641994 57,685 1,8652,360 2,275 3,89075,98592,599293,629 333,2391995 62,923 2,0152,498 2,497 4,13884,962103,705 300,118 343,5281996 68,278 2,1532,513 2,713 4,15794,467115,196 307,045 353,7061997 73,745 2,3302,735 2,982 4,614 104,555127,469 314,508 364,7061998 79,330 2,5002,988 3,253 5,139 115,244140,437 322,491 376,4541999 85,038 2,6733,260 3,536 5,713 126,560154,261 330,998 389,1032000 90,868 2,8483,435 3,833 6,155 137,519168,819 339,030 402,3282001 96,825 3,0083,738 4,123 6,804 148,707183,929 347,131 416,1032002 102,9153,1653,830 4,421 7,113 160,441199,670 355,598 430,1282003 109,1383,3204,070 4,726 7,751 172,734216,380 364,424 445,0082004 115,5033,4853,705 5,059 7,354 185,626233,039 373,640 458,8092005 122,0183,6533,250 5,407 6,748 199,144249,427 383,255 471,2122006 128,6933,8334,115 5,786 8,586 213,331267,978 393,302 486,5282007 135,5454,0104,390 6,180 9,324 228,225287,645 403,789 502,7542008 142,5884,1885,118 6,59011,024 243,856309,405 414,724 521,447 # ###2009 149,8489,353 13,30311,99919,183 260,253331,290 426,084 539,213Termination Dividend5,0008,488 5,000 8,488IRR 29 years4.86%6.22%7.61%8.88% * Assumes policy originally issued with fixed loan rate updated to#Numbers include termination dividend in 2009 for cash dividends andadjustable loan rate in 1983. total dividends. Termination dividend included in Total Cash Surrender ** Assumes no paid-up additions are surrendered. Value and Total Death Benefit beginning in year 15. Quality and Performance 200919 22. Actual Historical Performance Since 1980 Hypothetical policy issued in 1980*10 Payment Whole Life MM Block$250,000 Policy Male age 50, nonsmoker Premium $14,445.00Reserve Basis (CSO and percent)1958 CSO - 4.00% With Paid-Up Additions Options**PolicyGuarCash DividendsTotal DividendsTotal Cash ValueTotal Death BenefitAnniversaryCVIllust. ActualIllust. Actual Illust. # Actual #Illust.#Actual#1981 5,5101,365 1,365 1,3651,3656,8756,875253,073 253,073198218,4081,548 1,548 1,5841,58421,39521,395256,539 256,539198331,7481,728 1,728 1,8071,80736,62536,625260,386 260,386198445,5581,910 3,633 2,0403,94852,61054,518264,613 268,566198559,8702,098 4,353 2,2865,10469,39974,177269,225 278,863198674,7282,405 5,195 2,6606,39787,17095,812274,452 291,434198790,1702,708 6,055 3,0417,829 105,978119,633 280,276 306,4281988 106,2533,013 6,055 3,4368,471 125,901144,940 286,692 322,2461989 123,0353,330 6,100 3,8588,920 147,034171,612 293,720 338,4961990 140,5933,645 5,828 4,2929,063 169,471199,423 301,351 354,6111991 143,9583,598 9,043 4,38012,974177,907217,170 308,957 377,1421992 147,3233,708 8,283 4,63312,678186,698234,924 316,818 398,6561993 150,6803,815 7,770 4,89412,609195,847252,887 324,938 419,5751994 154,0253,918 7,058 5,15912,609205,354271,110 333,312 440,0421995 157,3504,015 6,650 5,43012,566216,330290,641 343,053 461,1201996 160,6504,118 5,988 5,71811,987227,831309,970 353,221 481,0441997 163,9134,223 6,248 6,02213,062239,860330,934 363,834 502,6211998 167,1284,340 6,923 6,35814,735252,038353,426 374,535 526,0081999 170,2854,465 7,338 6,71916,311263,424377,660 384,399 551,3032000 173,3754,605 8,350 7,12118,407275,234404,143 394,667 579,1892001 176,3984,743 8,565 7,53719,804287,482431,524 405,349 607,9292002 179,3604,853 8,370 7,93020,319300,157458,946 416,403 636,2532003 182,2704,935 8,543 8,29521,721313,241487,971 427,780 666,0462004 185,1435,008 7,865 8,65720,984326,755516,508 439,470 694,3812005 187,9855,068 7,160 9,01119,963340,707544,266 451,454 720,9302006 190,7985,113 8,318 9,35024,078355,079576,356 463,705 752,4792007 193,5685,148 8,430 9,68325,488369,844610,085 476,211 785,3982008 196,2805,183 9,10010,02528,712384,982647,224 488,979 821,968 ### #2009 198,91510,223 17,19015,38636,677400,469683,723 502,033 857,068Termination Dividend5,000 8,750 5,000 8,750IRR 29 years4.22%6.48%5.17%7.45% * Assumes policy originally issued with fixed loan rate updated to # Numbers include termination dividend in 2009 for cash dividends andadjustable loan rate in 1983.total dividends. Termination dividend included in Total Cash Surrender ** Assumes no paid-up additions are surrendered.Value and Total Death Benefit beginning in year 15.20Quality and Performance 2009 23. Why MassMutual? We are committed to helping you meet your financial needs: protection for your family or business, products to help provide retirement income, and the confidence of knowing you will be better prepared for the future. At Massachusetts Mutual Life Insurance Company (MassMutual) we stand strong in the fundamental belief that every secure financial future begins with good decisions. And when choosing a life insurance company, we believe quality and performance matter. 24. The information provided is not written or intended as specific tax or legal advice and may not be relied on for purposes of avoiding any Federal tax penalties. MassMutual, its employees and representatives are not authorized to give tax or legal advice. Individuals are encouraged to seek advice from their own tax or legal counsel. 2009 Massachusetts Mutual Life Insurance Company, Springfield, MA. All rights reserved. www.massmutual.com. MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliated companies and sales representatives. CRN201012-124757 LI7602 1209