424B3 1 conva1finals3.txt FACE PAGE, SUPPLEMENT, PART II As Filed with the Securities and Exchange Commission on April 4, 2005 File No.333-59765 -------------------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 -------------------------------------------------------------------------------- POST-EFFECTIVE AMENDMENT NO. 7 TO FORM S-1 ON FORM S-3 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 -------------------------------------------------------------------------------- LINCOLN BENEFIT LIFE COMPANY (Exact name of Registrant as Specified in its Charter)
Nebraska 6300 470221457 (State or other jurisdiction of (Primary Standard Industrial (I.R.S.Employer incorporation or organization) Classification Code Number) Identification No.)
2940 South 84th St., Lincoln, Nebraska 68506 1-800-865-5237 (Address of registrant's principal executive offices) WILLIAM F. EMMONS, ESQ. LINCOLN BENEFIT LIFE COMPANY 2940 South 84th St. LINCOLN, NE 68506 1-800-865-5237 (Name of agent for service) -------------------------------------------------------------------------------- If the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box: / / If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box: / X / If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. / / If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. / / If delivery of the prospectus is expected to be made pursuant to Rule 434, please check the following box. / /
Calculation of Registration Fee ------------------------------------------------------------------------------------------------------------------------------------ Proposed Maximum Proposed Maximum Amount of Title of Each Class of Amount to be Offering Price Per Aggregate Offering Registration Securities to be Registered Registered Unit Price Fee Market Value Adjusted Interest under Individual Flexible Premium Deferred Variable Annuity Contracts. . . . . . . . . . . . . . * * * * ------------------------------------------------------------------------------------------------------------------------------------
* These Contracts are not issued in predetermined amounts or units. A maximum aggregate offering price of $25,000,000 was previously registered. No additional amount of securities is being registered by this post- effective amendment to the registration statement. Lincoln Benefit Life Company Lincoln Benefit Life Variable Annuity Account Supplement, dated April 4, 2005, to The Consultant I Variable Annuity Prospectus dated May 1, 2004 This supplement amends certain disclosure contained in the above-referenced prospectus for certain variable annuity contracts issued by Lincoln Benefit Life Company. We have received notice that the shareholders of the Strong Opportunity Fund II - Investor Class and the Strong Mid Cap Growth Fund II - Investor Class ("Strong Portfolios") approved the reorganization of the Strong Portfolios into the Wells Fargo Advantage Opportunity Fund and the Wells Fargo Advantage Discovery Fund ("Wells Fargo Portfolios"), respectively. On April 8, 2005 ("Conversion Date"), the Strong Opportunity Fund II - Investor Class will be merged into the Wells Fargo Advantage Opportunity Fund, and the Strong Mid Cap Growth Fund II - Investor Class will be merged into the Wells Fargo Advantage Discovery Fund. On the Conversion Date, we will change the name of the Strong Portfolio sub-accounts to reflect the change in the underlying portfolio. Contract owners will receive a confirmation of the transaction reflecting this change. If you currently have allocations made to the Strong Portfolio sub-accounts through automatic additions, automatic portfolio rebalancing or dollar cost averaging programs, any future allocations will continue to be made to those sub-accounts under their new name as of the Conversion Date. All reference to the Strong Opportunity Fund II, Inc., Strong Variable Insurance Funds, Inc, and the Strong Portfolios are deleted on page 1 of the prospectus. The following information is added to page 1: Wells Fargo Variable Trust Funds: Wells Fargo Advantage Discovery Fund , Wells Fargo Advantage Opportunity Fund The table on page 7 that shows the minimum and maximum total annual operating expenses charged by the Portfolios is deleted in its entirety and replaced by the following:
Minimum Maximum Total Annual Portfolio Operating Expenses(1) (expenses that are deducted from Portfolio assets, which may include management fees, distribution and/or service (12b-1) fees, and other expenses)(without waivers or reimbursements) 0.10% 3.89%
(1)Expenses are shown as a percentage of Portfolio average daily net assets before any waiver or reimbursement as of December 31, 2004. The "Examples" on page 7 are deleted in their entirety and replaced by the following: Example 1 This Example is intended to help you compare the cost of investing in the Contracts with the cost of investing in other variable annuity contracts. These costs include Contract owner transaction expenses, Contract fees, Separate Account annual expenses, and Portfolio fees and expenses and assumes no transfers or exchanges were made. The Example shows the dollar amount of expenses that you would bear directly or indirectly if you: o Invested $10,000 in the Contract for the time periods indicated, o earned a 5% annual return on your investment, o surrendered your Contract, or you began receiving income payments for a specified period of less than 120 months, at the end of each time period, and, o elected the Enhanced Death and Income Benefit Riders II (with total Separate Account expenses of 1.80%). The first line of the example assumes that the maximum fees and expenses of any of the Portfolios are charged. The second line of the example assumes that the minimum fees and expenses of any of the Portfolios are charged. Your actual expenses may be higher or lower than those shown below. The example does not include any taxes or tax penalties you may be required to pay if you surrender your Contract.
1 Year 3 Years 5 Years 10 Years ---------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------- Costs Based on Maximum Annual Portfolio Expenses $1,215 $2,344 $3,362 $5,878 ---------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------- Costs Based on Minimum Annual Portfolio Expenses $825 $1,215 $1,543 $2,554 ---------------------------------------------------------------------------------------------------------------------------- Example 2 This Example uses the same assumptions as Example 1 above, except that it assumes you decided not to surrender your Contract, or you began receiving income payments for a specified period of at least 120 months, at the end of each time period. 1 Year 3 Years 5 Years 10Years ---------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------- Costs Based on Maximum Annual Portfolio Expenses $618 $1,834 $3,022 $5,878 ---------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------- Costs Based on Minimum Annual Portfolio Expenses $230 $705 $1,203 $2,554 ----------------------------------------------------------------------------------------------------------------------------
Explanation of Expense Examples Please remember that you are looking at examples and not a representation of past or future expenses. Your rate of return may be higher or lower than 5%, which is not guaranteed. The examples do not assume that any Portfolio expense waivers or reimbursement arrangements are in effect for the periods presented. Examples 1 and 2 assume the election of the Enhanced Death and Income Benefit Riders II (total Separate Account expenses of 1.80%). If these riders were not elected, the expense figures shown would be slightly lower. The Examples reflect the Free Withdrawal amounts, if any, and an annual Contract maintenance charge of $35. All reference to the Strong Opportunity Fund II, Inc., Strong Variable Insurance Funds, Inc, and the Strong Portfolios are deleted on page 9 of the prospectus. The following information is added to page 9: ------------------------------------------------------------- Wells Fargo Variable Wells Fargo Advantage Discovery Trust Fund , Wells Fargo Advantage Opportunity Fund ------------------------------------------------------------- The section entitled "Condensed Financial Information" on page 12 is deleted in its entirety and replaced with the following: CONDENSED FINANCIAL INFORMATION Attached as Appendix A is a table showing selected information concerning Accumulation Unit Values for each sub-account for 1994 through 2004. Accumulation Unit Value is the unit of measure that we use to calculate the value of your interest in a Subaccount. Accumulation Unit Value does not reflect the deduction of certain charges that are subtracted from your Contract Value, such as the Contract Administration Charge. The financial statements of the sub-accounts comprising the Separate Account as of December 31, 2004, are included in the Statement of Additional Information. Lincoln Benefit's financial statements as of December 31, 2004, are included in the Statement of Additional Information. The chart on page 17 of the prospectus is deleted in its entirety and replaced by the following:
---------------------------------------------------------------------------------------------------------------------------- Portfolio Portfolio Objective Investment Adviser ---------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------- AIM Variable Insurance Funds ---------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------- AIM V.I. Basic Value Fund - Series I (1) Long-term growth of capital A I M Advisors, Inc. (1) ---------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------- The Alger American Fund ---------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------- Alger American Growth Portfolio - Class O Long-term capital appreciation Fred Alger Management, Inc. ------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------ Alger American Income & Growth Portfolio - To provide a high level of dividend Class O income. Its secondary goal is to provide capital appreciation. ------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------ Alger American Leveraged AllCap Portfolio Long-term capital appreciation - Class O ------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------ Alger American MidCap Growth Portfolio - Long-term capital appreciation Class O ------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------ Alger American Small Capitalization Long-term capital appreciation Portfolio - Class O ---------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------- Federated Insurance Series ---------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------- Federated Fund for U.S. Government Current income Federated Investment Securities II Management Company ------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------ Federated High Income Bond Fund II High current income ---------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------- Federated Capital Income Fund II High current income and moderate capital Federated Equity Management appreciation Company of Pennsylvania ---------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------- Fidelity(R) Variable Insurance Products ---------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------- Fidelity VIP Asset Manager(SM) Portfolio - To obtain high total return with Fidelity Management Initial Class reduced risk over & the long term Research Company by allocating its assets among stocks, bonds, and short-term instruments. ---------------------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------ Fidelity VIP Contrafund(R) Portfolio - Long-term capital appreciation. Initial Class ------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------ Fidelity VIP Equity-Income Portfolio - Reasonable income by investing primarily in Initial Class income-producing equity securities. In choosing these securities, the fund will also consider the potential for capital appreciation. The fund's goal is to achieve a yield which exceeds the composite yield on the securities comprising the S&P 500. ------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------ Fidelity VIP Growth Portfolio - Initial To achieve capital appreciation. Class ------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------ Fidelity VIP Index 500 Portfolio - Initial Investment results that correspond to Class the total return of common stocks publicly traded in the United States, as represented by the Standard & Poor's 500(SM) Index (S&P 500(R) ). ------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------ Fidelity VIP Money Market Portfolio - As high a level of current income as is Initial Class consistent with preservation of capital and liquidity by investing in money market instruments. ------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------ Fidelity VIP Overseas Portfolio - Initial Long-term growth of capital. Class ---------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------- Janus Aspen Series ---------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------- Janus Aspen Series Balanced Portfolio - Long-term capital growth, consistent Janus Capital Management Institutional Shares with preservation of capital and LLC balanced by current income. ------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------ Janus Aspen Series Flexible Bond Portfolio To obtain maximum total return, - Institutional Shares (2) consistent with preservation of capital. ------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------ Janus Aspen Series Foreign Stock Portfolio Long-term growth of capital. - Service Shares ------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------ Janus Aspen Series Large Cap Growth Long-term growth of capital in a manner Portfolio - Institutional Shares (2) consistent with the preservation of capital. ------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------ Janus Aspen Series Mid Cap Growth Long-term growth of capital Portfolio - Institutional Shares ------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------ Janus Aspen Series Worldwide Growth Long-term growth of capital in a manner Portfolio - Institutional Shares consistent with the preservation of capital. ---------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------- MFS(R) Variable Insurance Trust(SM) ---------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------- MFS Emerging Growth Series - Initial Class Long-term growth of capital MFS(TM) Investment Management ---------------------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------ MFS Investors Trust Series - Initial Class Long-term growth of capital with a secondary objective to seek reasonable current income ------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------ MFS New Discovery Series - Initial Class Capital appreciation. ------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------ MFS Research Series - Initial Class Long-term growth of capital and future income ------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------ MFS Total Return Series - Initial Class To provide above-average income (compared to a portfolio invested entirely in equity securities) consistent with the prudent employment of capital and secondarily to provide a reasonable opportunity for growth of capital and income. ---------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------- Oppenheimer Variable Account Funds ---------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------- Oppenheimer Main Street Small Cap Fund/VA Capital appreciation. OppenheimerFunds, Inc. - Service Shares ---------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------- Premier VIT ---------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------- Premier VIT OpCap Balanced Portfolio (3) Growth of capital and investment income OpCap Advisors LLC ------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------ Premier VIT OpCap Small Cap Portfolio (3) Capital appreciation ---------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------- PIMCO Variable Insurance Trust ---------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------- PIMCO VIT Foreign Bond Portfolio (U.S. Maximum total return, consistent with preservation Pacific Investment Dollar-Hedged) - Administrative Shares of capital and prudent investment management. Management Company LLC ------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------ PIMCO VIT Total Return Portfolio - Maximum total return, consistent with Administrative Shares preservation of capital and prudent investment management. ---------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------- Putnam Variable Trust ---------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------- Putnam VT International Growth and Income Capital growth. Current income is a secondary Putnam Investment Fund - Class IB objective. Management, LLC ---------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------- Salomon Brothers Variable Series Funds Inc ---------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------- Salomon Brothers Variable Investors Fund - Long-term growth of capital with Salomon Brothers Asset Class I current income as a secondary objective Management Inc ---------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------- Scudder Variable Series I ---------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------- Scudder SVS I Bond Portfolio - Class A To provide a high level of income Deutsche Investment consistent with a high quality portfolio Management Americas Inc. of debt securities ------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------ Scudder SVS I Global Discovery Portfolio - Above-average capital appreciation Class A over the long term ------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------ Scudder SVS I Growth and Income Portfolio Long-term growth of capital, current - Class A income and growth of income ------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------ Scudder SVS I International Portfolio - Long-term growth of capital primarily Class A through diversified holdings of marketable foreign equity investments ---------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------- Scudder Variable Series II ---------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------- Scudder SVS II Total Return Portfolio - High total return, a combination of Deutsche Investment Class A (4) income and capital appreciation Management Americas Inc. ---------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------- STI Classic Variable Trust ---------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------- STI Classic Capital Appreciation Fund Capital appreciation Trusco Capital Management, Inc. ---------------------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------ STI Classic International Equity Fund (5) Long-term capital appreciation ------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------ STI Classic Value Income Stock Fund Current income with the secondary goal of capital appreciation ---------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------- T. Rowe Price Equity Series, Inc. ---------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------- T. Rowe Price Equity Income Portfolio - I Substantial dividend income as well as long-term T. Rowe Price Associates, growth of capital. Inc. ---------------------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------ T. Rowe Price Mid-Cap Growth Portfolio - I Long-term capital appreciation (6) ------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------ T. Rowe Price New America Growth Portfolio Long-term growth of capital - I ---------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------- T. Rowe Price International Series, Inc. ---------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------- T. Rowe Price International Stock Long-term growth of capital T. Rowe Price Portfolio - I International, Inc. ---------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------- The Universal Institutional Funds, Inc. ---------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------- Van Kampen UIF U.S. Mid Cap Value Above-average total return over a market cycle Van Kampen (7) Portfolio, Class I of three to five years by investing in common stocks and other equity securities ---------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------- Van Kampen Life Investment Trust ---------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------- Van Kampen LIT Aggressive Growth Capital Growth Van Kampen Asset Management Portfolio, Class II ------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------ Van Kampen LIT Growth and Income Long-term growth of capital and income. Portfolio, Class II ---------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------- Wells Fargo Variable Trust Funds ---------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------- Wells Fargo Advantage Discovery Fund (8) Long-term capital appreciation Wells Fargo Funds Management, LLC ------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------ Wells Fargo Advantage Opportunity Fund (8) Long-term capital appreciation ----------------------------------------------------------------------------------------------------------------------------
(1) A Fund's investment objective(s) may be changed by the Fund's Board of Trustees without shareholder approval. (2) Effective May 1, 2005, the Janus Aspen Series Flexible Income Portfolio - Institutional Shares and Janus Aspen Series Growth Portfolio - Institutional Shares changed their names to the Janus Aspen Series Flexible Bond Portfolio - Institutional Shares and Janus Aspen Series Large Cap Growth Portfolio - Institutional Shares, respectively. (3) Effective May 1, 2005, the PAVIT OpCap Balanced Portfolio and PAVIT OpCap Small Cap Portfolio changed their names to the Premier VIT OpCap Balanced Portfolio and Premier VIT OpCap Small Cap Portfolio, respectively. (4) Effective April 29, 2005, the Scudder SVS I Balanced Portfolio - Class A was reorganized onto the Scudder SVS II Total Return Portfolio - Class A. (5) Effective September 27, 2002, the STI Classic International Equity Fund is no longer available for new investments. If you are currently invested in the Variable Sub-account that invests in this Portfolio you may continue your investment. If, prior to September 27, 2002, you enrolled in one of our automatic transaction programs, such as automatic additions, portfolio rebalancing, or dollar cost averaging, we will continue to effect automatic transactions into the Variable Sub-Account in accordance with that program. Outside of these automatic transaction programs, additional allocations will not be allowed. (6) Effective 5/1/04, the T. Rowe Price Mid-Cap Growth Portfolio - I is no longer available for new investments. If you are currently invested in the T. Rowe Price Mid-Cap Growth Portfolio - I you may continue your investment. If you are currently enrolled in one of our automatic transaction programs, such as Portfolio Rebalancing or Dollar Cost Averaging, we will continue to effect automatic transactions to the portfolio in accordance with that program. (7) Morgan Stanley Investment Management Inc., the adviser to the UIF Portfolios, does business in certain instances using the name Van Kampen. (8) Effective 4/8/05, the Strong Mid Cap Growth Fund II - Investor Class and Strong Opportunity Fund II - Investor Class were reorganized into the Wells Fargo Advantage Discovery Fund and Wells Fargo Advantage Opportunity Fund, respectively. The first sentence of the first paragraph of the section entitled "Annual Reports and Other Documents" on page 43 of the prospectus is deleted and replaced by the following: "Lincoln Benefit's annual report on Form 10-K for the year ended December 31, 2004, is incorporated herein by reference, which means that it is legally a part of this prospectus." The following column is added to the Accumulation Unit Value chart in Appendix A:
Accumulation Unit Values(1) Basic Policy Fund Year ending December 31, 2004 ----------------------------------------------------------------------------------------------------------------------- AIM V.I. Basic Value - Series I Sub-Account Accumulation Unit Value Beginning 10.000 Accumulation Unit Value Ending 10.821 Number of Units Outstanding at End of Year 269,780 Alger American Growth - Class O Sub-Account Accumulation Unit Value Beginning 10.198 Accumulation Unit Value Ending 10.625 Number of Units Outstanding at End of Year 719,914 Alger American Income & Growth - Class O Sub-Account Accumulation Unit Value Beginning 11.641 Accumulation Unit Value Ending 12.398 Number of Units Outstanding at End of Year 686,795 Alger American Leveraged AllCap - Class O Sub-Account Accumulation Unit Value Beginning 12.055 Accumulation Unit Value Ending 12.881 Number of Units Outstanding at End of Year 454,884 Alger American MidCap Growth - Class O Sub-Account Accumulation Unit Value Beginning 15.264 Accumulation Unit Value Ending 17.040 Number of Units Outstanding at End of Year 571,188 Alger American Small Capitalization - Class O Sub-Account Accumulation Unit Value Beginning 8.212 Accumulation Unit Value Ending 9.454 Number of Units Outstanding at End of Year 355,278 Federated Capital Income II Sub-Account Accumulation Unit Value Beginning 7.668 Accumulation Unit Value Ending 8.325 Number of Units Outstanding at End of Year 297,389 Federated High Income Bond II Sub-Account Accumulation Unit Value Beginning 10.814 Accumulation Unit Value Ending 11.797 Number of Units Outstanding at End of Year 729,703 Federated for U.S. Government Securities II Sub-Account Accumulation Unit Value Beginning 12.710 Accumulation Unit Value Ending 13.005 Number of Units Outstanding at End of Year 1,136,236 Fidelity VIP Asset Manager(SM) - Initial Class Sub-Account Accumulation Unit Value Beginning 11.186 Accumulation Unit Value Ending 11.652 Number of Units Outstanding at End of Year 437,716 Fidelity VIP Contrafund(R) - Initial Class Sub-Account Accumulation Unit Value Beginning 12.763 Accumulation Unit Value Ending 14.555 Number of Units Outstanding at End of Year 1,438,118 Fidelity VIP Equity-Income - Initial Class Sub-Account Accumulation Unit Value Beginning 12.067 Accumulation Unit Value Ending 13.291 Number of Units Outstanding at End of Year 1,384,897 Fidelity VIP Growth - Initial Class Sub-Account Accumulation Unit Value Beginning 10.215 Accumulation Unit Value Ending 10.429 Number of Units Outstanding at End of Year 1,091,575 Fidelity VIP Index 500 - Initial Class Sub-Account Accumulation Unit Value Beginning 10.237 Accumulation Unit Value Ending 11.183 Number of Units Outstanding at End of Year 1,817,054 Fidelity VIP Money Market - Initial Class Sub-Account Accumulation Unit Value Beginning 11.406 Accumulation Unit Value Ending 11.401 Number of Units Outstanding at End of Year 1,544,840 Fidelity VIP Overseas - Initial Class Sub-Account Accumulation Unit Value Beginning 10.251 Accumulation Unit Value Ending 11.504 Number of Units Outstanding at End of Year 402,967 Janus Aspen Series Mid Cap Growth - Institutional Shares Sub-Account Accumulation Unit Value Beginning 10.443 Accumulation Unit Value Ending 12.453 Number of Units Outstanding at End of Year 642,333 Janus Aspen Series Balanced - Institutional Shares Sub-Account Accumulation Unit Value Beginning 13.832 Accumulation Unit Value Ending 14.825 Number of Units Outstanding at End of Year 1,365,759 Janus Aspen Series Flexible Bond - Institutional Shares Sub-Account (3) Accumulation Unit Value Beginning 13.166 Accumulation Unit Value Ending 13.519 Number of Units Outstanding at End of Year 527,949 Janus Aspen Series Large Cap Growth - Institutional Shares Sub-Account (3) Accumulation Unit Value Beginning 9.984 Accumulation Unit Value Ending 10.306 Number of Units Outstanding at End of Year 1,041,507 Janus Aspen Series Foreign Stock - Service Shares Sub-Account (2)(5) Accumulation Unit Value Beginning 10.226 Accumulation Unit Value Ending 11.939 Number of Units Outstanding at End of Year 152,105 Janus Aspen Series Worldwide Growth - Institutional Shares Sub-Account Accumulation Unit Value Beginning 9.971 Accumulation Unit Value Ending 10.318 Number of Units Outstanding at End of Year 1,193,225 LSA Balanced (2)(4) Accumulation Unit Value Beginning Accumulation Unit Value Ending Number of Units Outstanding at End of Year MFS Emerging Growth - Initial Class Sub-Account Accumulation Unit Value Beginning 8.995 Accumulation Unit Value Ending 10.035 Number of Units Outstanding at End of Year 231,814 MFS Investors Trust - Initial Class Sub-Account Accumulation Unit Value Beginning 9.091 Accumulation Unit Value Ending 9.998 Number of Units Outstanding at End of Year 244,156 MFS New Discovery - Initial Class Sub-Account Accumulation Unit Value Beginning 15.738 Accumulation Unit Value Ending 16.556 Number of Units Outstanding at End of Year 232,616 MFS Research - Initial Class Sub-Account Accumulation Unit Value Beginning 9.100 Accumulation Unit Value Ending 10.412 Number of Units Outstanding at End of Year 189,969 MFS Total Return - Initial Class Sub-Account Accumulation Unit Value Beginning 13.180 Accumulation Unit Value Ending 14.490 Number of Units Outstanding at End of Year 1,033,566 Premier VIT OpCap Balanced Sub-Account (2)(5) Accumulation Unit Value Beginning 10.000 Accumulation Unit Value Ending 10.812 Number of Units Outstanding at End of Year 129,223 Premier VIT OpCap Small Cap Sub-Account (2)(5) Accumulation Unit Value Beginning 10.143 Accumulation Unit Value Ending 11.809 Number of Units Outstanding at End of Year 274,798 Oppenheimer Main Street Small Cap/VA - Service Shares Sub-Account (2) Accumulation Unit Value Beginning 11.178 Accumulation Unit Value Ending 13.157 Number of Units Outstanding at End of Year 347,171 PIMCO VIT Foreign Bond (U.S. Dollar-Hedged) - Administrative Shares Sub-Account (2) Accumulation Unit Value Beginning 10.669 Accumulation Unit Value Ending 11.122 Number of Units Outstanding at End of Year 347,113 PIMCO VIT Total Return - Administrative Shares Sub-Account (2) Accumulation Unit Value Beginning 10.951 Accumulation Unit Value Ending 11.343 Number of Units Outstanding at End of Year 1,060,049 Putnam VT International Growth and Income - Class IB Sub-Account Accumulation Unit Value Beginning 11.161 Accumulation Unit Value Ending 13.335 Number of Units Outstanding at End of Year 89,040 Salomon Brothers Variable Investors - Class I Sub-Account Accumulation Unit Value Beginning 10.000 Accumulation Unit Value Ending 10.954 Number of Units Outstanding at End of Year 60,840 Scudder SVS II Total Return - Class A Sub-Account (6) Accumulation Unit Value Beginning Accumulation Unit Value Ending Number of Units Outstanding at End of Year Scudder SVS I Bond - Class A Sub-Account Accumulation Unit Value Beginning 12.535 Accumulation Unit Value Ending 13.046 Number of Units Outstanding at End of Year 507,579 Scudder SVS I Global Discovery - Class A Sub-Account Accumulation Unit Value Beginning 14.317 Accumulation Unit Value Ending 17.440 Number of Units Outstanding at End of Year 176,147 Scudder SVS I Growth and Income - Class A Sub-Account Accumulation Unit Value Beginning 8.871 Accumulation Unit Value Ending 9.651 Number of Units Outstanding at End of Year 150,151 Scudder SVS I International - Class A Sub-Account Accumulation Unit Value Beginning 8.507 Accumulation Unit Value Ending 9.790 Number of Units Outstanding at End of Year 121,969 STI Classic Capital Appreciation Sub-Account Accumulation Unit Value Beginning 8.653 Accumulation Unit Value Ending 9.123 Number of Units Outstanding at End of Year 60,421 STI Classic International Equity Sub-Account (7) Accumulation Unit Value Beginning 8.914 Accumulation Unit Value Ending 10.506 Number of Units Outstanding at End of Year 5,874 STI Classic Value Income Stock Sub-Account Accumulation Unit Value Beginning 9.168 Accumulation Unit Value Ending 10.439 Number of Units Outstanding at End of Year 192,125 Strong Opportunity II - Investor Class Sub-Account Accumulation Unit Value(1) Beginning 14.263 Accumulation Unit Value Ending 16.652 Number of Units Outstanding at End of Year 374,321 T. Rowe Price Equity Income - I Sub-Account Accumulation Unit Value Beginning 13.140 Accumulation Unit Value Ending 14.913 Number of Units Outstanding at End of Year 895,153 T. Rowe Price International Stock - I Sub-Account Accumulation Unit Value Beginning 9.201 Accumulation Unit Value Ending 10.338 Number of Units Outstanding at End of Year 264,060 T. Rowe Price Mid-Cap Growth - I Sub-Account (8) Accumulation Unit Value Beginning 15.505 Accumulation Unit Value Ending 18.121 Number of Units Outstanding at End of Year 586,887 T. Rowe Price New America Growth - I Sub-Account Accumulation Unit Value Beginning 9.090 Accumulation Unit Value Ending 9.995 Number of Units Outstanding at End of Year 173,326 Van Kampen LIT Aggressive Growth, Class II Sub-Account (2) Accumulation Unit Value Beginning 10.000 Accumulation Unit Value Ending 11.156 Number of Units Outstanding at End of Year 44,940 Van Kampen LIT Growth and Income, Class II Sub-Account (2) Accumulation Unit Value Beginning 10.293 Accumulation Unit Value Ending 11.600 Number of Units Outstanding at End of Year 354,336 Van Kampen UIF U.S. Mid Cap Value, Class I Sub-Account (2)(9) Accumulation Unit Value Beginning 10.000 Accumulation Unit Value Ending 11.333 Number of Units Outstanding at End of Year 309,322 Wells Fargo Advantage Discovery Sub-Account (10) Accumulation Unit Value Beginning -- Accumulation Unit Value Ending -- Number of Units Outstanding at End of Year -- Wells Fargo Advantage Opportunity Sub-Account (10) -- Accumulation Unit Value Beginning -- Accumulation Unit Value Ending -- Number of Units Outstanding at End of Year -- -----------------------------------------------------------------------------------------------------------------------
Accumulation Unit Values(1) Basic Policy plus Death Benefit and Income Benefit Rider II Fund Year ending December 31, 2004 -------------------------------------------------------------------------------------------------------------- AIM V.I. Basic Value - Series I Sub-Account Accumulation Unit Value Beginning 10.000 Accumulation Unit Value Ending 10.781 Number of Units Outstanding at End of Year 244,914 Alger American Growth - Class O Sub-Account Accumulation Unit Value Beginning 6.175 Accumulation Unit Value Ending 6.398 Number of Units Outstanding at End of Year 439,952 Alger American Income & Growth - Class O Sub-Account Accumulation Unit Value Beginning 6.738 Accumulation Unit Value Ending 7.137 Number of Units Outstanding at End of Year 396,418 Alger American Leveraged AllCap - Class O Sub-Account Accumulation Unit Value Beginning 5.447 Accumulation Unit Value Ending 5.788 Number of Units Outstanding at End of Year 727,607 Alger American MidCap Growth - Class O Sub-Account Accumulation Unit Value Beginning 8.703 Accumulation Unit Value Ending 9.663 Number of Units Outstanding at End of Year 999,864 Alger American Small Capitalization - Class O Sub-Account Accumulation Unit Value Beginning 5.060 Accumulation Unit Value Ending 5.793 Number of Units Outstanding at End of Year 359,793 Federated Capital Income II Sub-Account Accumulation Unit Value Beginning 6.855 Accumulation Unit Value Ending 7.401 Number of Units Outstanding at End of Year 76,744 Federated High Income Bond II Sub-Account Accumulation Unit Value Beginning 10.941 Accumulation Unit Value Ending 11.870 Number of Units Outstanding at End of Year 444,657 Federated for U.S. Government Securities II Sub-Account Accumulation Unit Value Beginning 12.006 Accumulation Unit Value Ending 12.218 Number of Units Outstanding at End of Year 605,532 Fidelity VIP Asset Manager(SM) - Initial Class Sub-Account Accumulation Unit Value Beginning 9.379 Accumulation Unit Value Ending 9.716 Number of Units Outstanding at End of Year 181,632 Fidelity VIP Contrafund(R) - Initial Class Sub-Account Accumulation Unit Value Beginning 9.078 Accumulation Unit Value Ending 10.296 Number of Units Outstanding at End of Year 1,158,838 Fidelity VIP Equity-Income - Initial Class Sub-Account Accumulation Unit Value Beginning 10.759 Accumulation Unit Value Ending 11.786 Number of Units Outstanding at End of Year 434,981 Fidelity VIP Growth - Initial Class Sub-Account Accumulation Unit Value Beginning 6.080 Accumulation Unit Value Ending 6.173 Number of Units Outstanding at End of Year 939,071 Fidelity VIP Index 500 - Initial Class Sub-Account Accumulation Unit Value Beginning 7.516 Accumulation Unit Value Ending 8.166 Number of Units Outstanding at End of Year 1,444,339 Fidelity VIP Money Market - Initial Class Sub-Account Accumulation Unit Value Beginning 10.373 Accumulation Unit Value Ending 10.311 Number of Units Outstanding at End of Year 618,241 Fidelity VIP Overseas - Initial Class Sub-Account Accumulation Unit Value Beginning 7.208 Accumulation Unit Value Ending 8.045 Number of Units Outstanding at End of Year 382,839 Janus Aspen Series Mid Cap Growth - Institutional Shares Sub-Account Accumulation Unit Value Beginning 3.715 Accumulation Unit Value Ending 4.405 Number of Units Outstanding at End of Year 466,868 Janus Aspen Series Balanced - Institutional Shares Sub-Account Accumulation Unit Value Beginning 9.267 Accumulation Unit Value Ending 9.878 Number of Units Outstanding at End of Year 705,500 Janus Aspen Series Flexible Bond - Institutional Shares Sub-Account (3) Accumulation Unit Value Beginning 12.480 Accumulation Unit Value Ending 12.743 Number of Units Outstanding at End of Year 312,969 Janus Aspen Series Large Cap Growth - Institutional Shares Sub-Account (3) Accumulation Unit Value Beginning 5.746 Accumulation Unit Value Ending 5.898 Number of Units Outstanding at End of Year 275,805 Janus Aspen Series Foreign Stock - Service Shares Sub-Account (2)(5) Accumulation Unit Value Beginning 10.132 Accumulation Unit Value Ending 11.765 Number of Units Outstanding at End of Year 71,988 Janus Aspen Series Worldwide Growth - Institutional Shares Sub-Account Accumulation Unit Value Beginning 5.558 Accumulation Unit Value Ending 5.719 Number of Units Outstanding at End of Year 414,342 LSA Balanced (2)(4) Accumulation Unit Value Beginning Accumulation Unit Value Ending Number of Units Outstanding at End of Year MFS Emerging Growth - Initial Class Sub-Account Accumulation Unit Value Beginning 4.432 Accumulation Unit Value Ending 4.917 Number of Units Outstanding at End of Year 274,686 MFS Investors Trust - Initial Class Sub-Account Accumulation Unit Value Beginning 7.567 Accumulation Unit Value Ending 8.276 Number of Units Outstanding at End of Year 136,211 MFS New Discovery - Initial Class Sub-Account Accumulation Unit Value Beginning 7.374 Accumulation Unit Value Ending 7.715 Number of Units Outstanding at End of Year 623,501 MFS Research - Initial Class Sub-Account Accumulation Unit Value Beginning 6.227 Accumulation Unit Value Ending 7.085 Number of Units Outstanding at End of Year 53,593 MFS Total Return - Initial Class Sub-Account Accumulation Unit Value Beginning 11.736 Accumulation Unit Value Ending 12.832 Number of Units Outstanding at End of Year 590,723 Premier VIT OpCap Balanced Sub-Account (2)(5) Accumulation Unit Value Beginning 10.000 Accumulation Unit Value Ending 10.772 Number of Units Outstanding at End of Year 91,944 Premier VIT OpCap Small Cap Sub-Account (2) Accumulation Unit Value Beginning 10.051 Accumulation Unit Value Ending 11.637 Number of Units Outstanding at End of Year 244,720 Oppenheimer Main Street Small Cap/VA - Service Shares Sub-Account (2) Accumulation Unit Value Beginning 11.076 Accumulation Unit Value Ending 12.965 Number of Units Outstanding at End of Year 323,468 PIMCO VIT Foreign Bond (U.S. Dollar-Hedged) - Administrative Shares Sub-Account (2) Accumulation Unit Value Beginning 10.571 Accumulation Unit Value Ending 10.960 Number of Units Outstanding at End of Year 100,873 PIMCO VIT Total Return - Administrative Shares Sub-Account (2) Accumulation Unit Value Beginning 10.851 Accumulation Unit Value Ending 11.178 Number of Units Outstanding at End of Year 604,097 Putnam VT International Growth and Income - Class IB Sub-Account Accumulation Unit Value Beginning 11.059 Accumulation Unit Value Ending 13.141 Number of Units Outstanding at End of Year 58,105 Salomon Brothers Variable Investors - Class I Sub-Account (3) Accumulation Unit Value Beginning 10.000 Accumulation Unit Value Ending 10.913 Number of Units Outstanding at End of Year 47,102 Scudder SVS II Total Return - Class A Sub-Account (6) Accumulation Unit Value Beginning Accumulation Unit Value Ending Number of Units Outstanding at End of Year Scudder SVS I Bond - Class A Sub-Account Accumulation Unit Value Beginning 12.026 Accumulation Unit Value Ending 12.447 Number of Units Outstanding at End of Year 242,774 Scudder SVS I Global Discovery - Class A Sub-Account Accumulation Unit Value Beginning 7.780 Accumulation Unit Value Ending 9.425 Number of Units Outstanding at End of Year 254,808 Scudder SVS I Growth and Income - Class A Sub-Account Accumulation Unit Value Beginning 7.849 Accumulation Unit Value Ending 8.492 Number of Units Outstanding at End of Year 99,749 Scudder SVS I International - Class A Sub-Account Accumulation Unit Value Beginning 5.948 Accumulation Unit Value Ending 6.808 Number of Units Outstanding at End of Year 174,503 STI Classic Capital Appreciation Sub-Account Accumulation Unit Value Beginning 7.992 Accumulation Unit Value Ending 8.380 Number of Units Outstanding at End of Year 63,858 STI Classic International Equity Sub-Account (7) Accumulation Unit Value Beginning 8.093 Accumulation Unit Value Ending 9.486 Number of Units Outstanding at End of Year 182 STI Classic Value Income Stock Sub-Account Accumulation Unit Value Beginning 11.201 Accumulation Unit Value Ending 12.683 Number of Units Outstanding at End of Year 100,258 Strong Opportunity II - Investor Class Sub-Account Accumulation Unit Value(1) Beginning 9.284 Accumulation Unit Value Ending 10.780 Number of Units Outstanding at End of Year 454,476 T. Rowe Price Equity Income - I Sub-Account Accumulation Unit Value Beginning 12.073 Accumulation Unit Value Ending 13.627 Number of Units Outstanding at End of Year 761,565 T. Rowe Price International Stock - I Sub-Account Accumulation Unit Value Beginning 6.716 Accumulation Unit Value Ending 7.505 Number of Units Outstanding at End of Year 176,753 T. Rowe Price Mid-Cap Growth - I Sub-Account (8) Accumulation Unit Value Beginning 10.288 Accumulation Unit Value Ending 11.957 Number of Units Outstanding at End of Year 675,635 T. Rowe Price New America Growth - I Sub-Account Accumulation Unit Value Beginning 7.284 Accumulation Unit Value Ending 7.933 Number of Units Outstanding at End of Year 120,707 Van Kampen LIT Aggressive Growth, Class II Sub-Account (2) Accumulation Unit Value Beginning 10.000 Accumulation Unit Value Ending 11.114 Number of Units Outstanding at End of Year 77,019 Van Kampen LIT Growth and Income, Class II Sub-Account (2) Accumulation Unit Value Beginning 10.199 Accumulation Unit Value Ending 11.431 Number of Units Outstanding at End of Year 238,529 Van Kampen UIF U.S. Mid Cap Value, Class I Sub-Account (2)(9) Accumulation Unit Value Beginning 10.000 Accumulation Unit Value Ending 11.290 Number of Units Outstanding at End of Year 220,091 Wells Fargo Advantage Discovery Sub-Account (10) Accumulation Unit Value Beginning -- Accumulation Unit Value Ending -- Number of Units Outstanding at End of Year -- Wells Fargo Advantage Opportunity Sub-Account (10) Accumulation Unit Value Beginning -- Accumulation Unit Value Ending -- Number of Units Outstanding at End of Year -- --------------------------------------------------------------------------------------------------------------
The "Experts" section in the Statement of Additional Information is deleted in its entirety and replaced with the following: EXPERTS The financial statements of Lincoln Benefit Life Company as of December 31, 2004 and 2003 and for each of the three years in the period ended December 31, 2004, and the related financial statement schedules included in this Statement of Additional Information and incorporated in this prospectus by reference from the Lincoln Benefit Life Company Annual Report on Form 10-K for the year ended December 31, 2004 have been audited by Deloitte & Touche LLP, an independent registered public accounting firm, as stated in their report, which is included and incorporated by reference herein (which report expresses an unqualified opinion and includes an explanatory paragraph relating to a change in method of accounting for certain nontraditional long-duration contracts and for separate accounts in 2004), and have been so included and incorporated in reliance upon the report of such firm given upon their authority as experts in accounting and auditing. The financial statements of the sub-accounts comprising Lincoln Benefit Life Variable Annuity Account as of December 31, 2004 and for each of the periods in the two year period then ended included in this Statement of Additional Information have been audited by Deloitte & Touche LLP, an independent registered public accounting firm, as stated in their report appearing herein, and have been so included in reliance upon the report of such firm given upon their authority as experts in accounting and auditing. The "Financial Statements " section in the Statement of Additional Information is deleted in its entirety and replaced with the following: FINANCIAL STATEMENTS The financial statements of the sub-accounts comprising the Separate Account as of December 31, 2004, and for the periods in the two year period then ended, the financial statements of Lincoln Benefit as of December 31, 2004 and 2003, and for each of the three years in the period ended December 31, 2004, and related financial statement schedules and the accompanying Reports of Independent Registered Public Accounting Firm appear in the pages that follow. The financial statements and financial statement schedules of Lincoln Benefit included herein should be considered only as bearing upon the ability of Lincoln Benefit to meet its obligations under the Contacts. The following columns are added to the "Accumulation Unit Values" chart in the Statement of Additional Information: Accumulation Unit Values Basic Policy plus Death Benefit Rider Year ending Subaccount ecember 31, D 2004 AIM V.I. Basic Value - Series I Accumulation Unit Value Beginning $10.000 Accumulation Unit Value Ending $10.806 Number of Units Outstanding at End of Year 105,095 Alger American Growth - Class O Accumulation Unit Value Beginning $10.089 Accumulation Unit Value Ending $10.490 Number of Units Outstanding at End of Year 311,988 Alger American Income & Growth - Class O Accumulation Unit Value Beginning $11.516 Accumulation Unit Value Ending $12.241 Number of Units Outstanding at End of Year 425,601 Alger American Leveraged AllCap - Class O Accumulation Unit Value Beginning $11.927 Accumulation Unit Value Ending $12.717 Number of Units Outstanding at End of Year 167,237 Alger American MidCap Growth - Class O Accumulation Unit Value Beginning $15.100 Accumulation Unit Value Ending $16.824 Number of Units Outstanding at End of Year 253,128 Alger American Small Capitalization - Class O Accumulation Unit Value Beginning $8.124 Accumulation Unit Value Ending $9.334 Number of Units Outstanding at End of Year 311,336 Federated High Income Bond II Accumulation Unit Value Beginning $10.698 Accumulation Unit Value Ending $11.647 Number of Units Outstanding at End of Year 312,748 Federated U.S. Goverment Securities II Accumulation Unit Value Beginning $12.574 Accumulation Unit Value Ending $12.840 Number of Units Outstanding at End of Year 486,928 Federated Capital Income II Accumulation Unit Value Beginning $7.586 Accumulation Unit Value Ending $8.219 Number of Units Outstanding at End of Year 131,886 Fidelity VIP Asset Manager - Initial Class Accumulation Unit Value Beginning $11.067 Accumulation Unit Value Ending $11.504 Number of Units Outstanding at End of Year 135,064 Fidelity VIP Contrafund - Initial Class Accumulation Unit Value Beginning $12.626 Accumulation Unit Value Ending $14.370 Number of Units Outstanding at End of Year 795,462 Fidelity VIP Equity-Income - Initial Class Accumulation Unit Value Beginning $11.938 Accumulation Unit Value Ending $13.123 Number of Units Outstanding at End of Year 642,647 Fidelity VIP Growth - Initial Class Accumulation Unit Value Beginning $10.106 Accumulation Unit Value Ending $10.297 Number of Units Outstanding at End of Year 475,294 Fidelity VIP Index 500 - Initial Class Accumulation Unit Value Beginning $10.128 Accumulation Unit Value Ending $11.042 Number of Units Outstanding at End of Year 1,204,079 Fidelity VIP Money Market - Initial Class Accumulation Unit Value Beginning $11.284 Accumulation Unit Value Ending $11.256 Number of Units Outstanding at End of Year 627,640 Fidelity VIP Overseas - Initial Class Accumulation Unit Value Beginning $10.141 Accumulation Unit Value Ending $11.358 Number of Units Outstanding at End of Year 133,210 Janus Aspen Series Mid Cap Growth - Institutional Shares Accumulation Unit Value Beginning $10.331 Accumulation Unit Value Ending $12.295 Number of Units Outstanding at End of Year 397,665 Janus Aspen Series Balanced - Institutional Shares Accumulation Unit Value Beginning $13.684 Accumulation Unit Value Ending $14.637 Number of Units Outstanding at End of Year 813,548 Janus Aspen Series Flexible Bond- Institutional Shares Accumulation Unit Value Beginning $13.026 Accumulation Unit Value Ending $13.347 Number of Units Outstanding at End of Year 319,960 Janus Aspen Series Large Cap Growth - Institutional Shares Accumulation Unit Value Beginning $9.877 Accumulation Unit Value Ending $10.175 Number of Units Outstanding at End of Year 528,557 Janus Aspen Series Foreign Stock - Service Shares Accumulation Unit Value Beginning $10.191 Accumulation Unit Value Ending $11.875 Number of Units Outstanding at End of Year 38,184 Janus Aspen Series Worldwide Growth - Institutional Shares Accumulation Unit Value Beginning $9.864 Accumulation Unit Value Ending $10.187 Number of Units Outstanding at End of Year 540,179 LSA Balanced Accumulation Unit Value Beginning $11.037 Accumulation Unit Value Ending $11.163 Number of Units Outstanding at End of Year 0 MFS Emerging Growth - Initial Class Accumulation Unit Value Beginning Accumulation Unit Value Ending Number of Units Outstanding at End of Year MFS Investors Trust - Initial Class Accumulation Unit Value Beginning $8.899 Accumulation Unit Value Ending $9.908 Number of Units Outstanding at End of Year 77,890 MFS New Discovery - Initial Class Accumulation Unit Value Beginning $8.994 Accumulation Unit Value Ending $9.871 Number of Units Outstanding at End of Year 166,320 MFS Research - Initial Class Accumulation Unit Value Beginning $15.570 Accumulation Unit Value Ending $16.346 Number of Units Outstanding at End of Year 104,037 MFS Total Return - Initial Class Accumulation Unit Value Beginning $9.003 Accumulation Unit Value Ending $10.280 Number of Units Outstanding at End of Year 104,339 PREMIER VIT OpCap Balanced Accumulation Unit Value Beginning $11.456 Accumulation Unit Value Ending $10.715 Number of Units Outstanding at End of Year 37,586 PREMIER VIT OpCap SmallCap Accumulation Unit Value Beginning $10.000 Accumulation Unit Value Ending $10.798 Number of Units Outstanding at End of Year 59,439 Oppenheimer Main Street Small Cap Fund/VA - Service Shares Accumulation Unit Value Beginning $10.110 Accumulation Unit Value Ending $11.746 Number of Units Outstanding at End of Year 101,370 PIMCO VIT Foreign Bond - Administrative Shares Accumulation Unit Value Beginning $11.141 Accumulation Unit Value Ending $13.087 Number of Units Outstanding at End of Year 106,022 PIMCO VIT Total Return - Administrative Shares Accumulation Unit Value Beginning $10.633 Accumulation Unit Value Ending $11.063 Number of Units Outstanding at End of Year 64,555 Putnam VT International Growth and Income - Class IB Accumulation Unit Value Beginning $10.915 Accumulation Unit Value Ending $11.283 Number of Units Outstanding at End of Year 496,866 Salomon Brothers Variable Investors - Class I Accumulation Unit Value Beginning $11.124 Accumulation Unit Value Ending $13.264 Number of Units Outstanding at End of Year 60,246 Scudder SVS I Balanced - Class A Accumulation Unit Value Beginning $10.000 Accumulation Unit Value Ending $10.939 Number of Units Outstanding at End of Year 16,313 Scudder SVS I Bond - Class A Accumulation Unit Value Beginning $10.906 Accumulation Unit Value Ending $11.446 Number of Units Outstanding at End of Year 227,371 Scudder SVS I Global Discovery - Class A Accumulation Unit Value Beginning $12.401 Accumulation Unit Value Ending $12.880 Number of Units Outstanding at End of Year 192,033 Scudder SVS I Growth and Income - Class A Accumulation Unit Value Beginning $14.164 Accumulation Unit Value Ending $17.220 Number of Units Outstanding at End of Year 71,497 Scudder SVS I International - Class A Accumulation Unit Value Beginning $8.776 Accumulation Unit Value Ending $9.528 Number of Units Outstanding at End of Year 80,031 Scudder SVS II Total Return - Class A Accumulation Unit Value Beginning -- Accumulation Unit Value Ending -- Number of Units Outstanding at End of Year -- STI Classic Capital Appreciation Accumulation Unit Value Beginning $8.416 Accumulation Unit Value Ending $9.666 Number of Units Outstanding at End of Year 60,597 STI Classic International Equity Accumulation Unit Value Beginning $8.573 Accumulation Unit Value Ending $9.020 Number of Units Outstanding at End of Year 62,996 STI Classic Value Income Stock Accumulation Unit Value Beginning $8.831 Accumulation Unit Value Ending $10.388 Number of Units Outstanding at End of Year 1,785 Strong Mid Cap Growth II - Investor Class Accumulation Unit Value Beginning $9.083 Accumulation Unit Value Ending $10.321 Number of Units Outstanding at End of Year 54,649 Strong Opportunity II - Investor Class Accumulation Unit Value Beginning $9.953 Accumulation Unit Value Ending $11.689 Number of Units Outstanding at End of Year 124,471 T. Rowe Price Equity Income - I Accumulation Unit Value Beginning $14.110 Accumulation Unit Value Ending $16.441 Number of Units Outstanding at End of Year 224,911 T. Rowe Price International Stock - I Accumulation Unit Value Beginning $13.000 Accumulation Unit Value Ending $14.724 Number of Units Outstanding at End of Year 637,860 T. Rowe Price Mid-Cap Growth - I Accumulation Unit Value Beginning $9.102 Accumulation Unit Value Ending $10.207 Number of Units Outstanding at End of Year 108,187 T. Rowe Price New America Growth - I Accumulation Unit Value Beginning $15.340 Accumulation Unit Value Ending $17.892 Number of Units Outstanding at End of Year 398,739 Van Kampen LIT Aggressive Growth - Class II Accumulation Unit Value Beginning $8.993 Accumulation Unit Value Ending $9.828 Number of Units Outstanding at End of Year 48,594 Van Kampen LIT Growth and Income - Class II Accumulation Unit Value Beginning $10.000 Accumulation Unit Value Ending $11.141 Number of Units Outstanding at End of Year 13,718 Van Kampen UIF U.S. Mid Cap Value - Class I Accumulation Unit Value Beginning $10.258 Accumulation Unit Value Ending $11.538 Number of Units Outstanding at End of Year 241,428 Wells Fargo Advantage Discovery fund Accumulation Unit Value Beginning -- Accumulation Unit Value Ending -- Number of Units Outstanding at End of Year -- Wells Fargo Advantage Opportunity Fund Accumulation Unit Value Beginning -- Accumulation Unit Value Ending -- Number of Units Outstanding at End of Year -- Accumulation Unit Values Basic Policy plus Income Benefit Rider Year ending December 31, Subaccount 2004 AIM V.I. Basic Value - Series I Accumulation Unit Value Beginning $10.000 Accumulation Unit Value Ending $10.795 Number of Units Outstanding at End of Year 124,889 Alger American Growth - Class O Accumulation Unit Value Beginning $6.218 Accumulation Unit Value Ending $6.456 Number of Units Outstanding at End of Year 285,968 Alger American Income & Growth - Class O Accumulation Unit Value Beginning $6.786 Accumulation Unit Value Ending $7.202 Number of Units Outstanding at End of Year 215,770 Alger American Leveraged AllCap - Class O Accumulation Unit Value Beginning $5.485 Accumulation Unit Value Ending $5.840 Number of Units Outstanding at End of Year 170,900 Alger American MidCap Growth - Class O Accumulation Unit Value Beginning $8.765 Accumulation Unit Value Ending $9.751 Number of Units Outstanding at End of Year 252,067 Alger American Small Capitalization - Class O Accumulation Unit Value Beginning $5.096 Accumulation Unit Value Ending $5.846 Number of Units Outstanding at End of Year 147,944 Federated High Income Bond II Accumulation Unit Value Beginning $11.018 Accumulation Unit Value Ending $11.977 Number of Units Outstanding at End of Year 259,206 Federated U.S. Goverment Securities II Accumulation Unit Value Beginning $12.090 Accumulation Unit Value Ending $12.328 Number of Units Outstanding at End of Year 159,145 Federated Capital Income II Accumulation Unit Value Beginning $6.903 Accumulation Unit Value Ending $7.468 Number of Units Outstanding at End of Year 42,894 Fidelity VIP Asset Manager - Initial Class Accumulation Unit Value Beginning $9.445 Accumulation Unit Value Ending $9.804 Number of Units Outstanding at End of Year 36,345 Fidelity VIP Contrafund - Initial Class Accumulation Unit Value Beginning $9.142 Accumulation Unit Value Ending $10.389 Number of Units Outstanding at End of Year 398,909 Fidelity VIP Equity-Income - Initial Class Accumulation Unit Value Beginning $10.835 Accumulation Unit Value Ending $11.893 Number of Units Outstanding at End of Year 238,847 Fidelity VIP Growth - Initial Class Accumulation Unit Value Beginning $6.123 Accumulation Unit Value Ending $6.229 Number of Units Outstanding at End of Year 394,806 Fidelity VIP Index 500 - Initial Class Accumulation Unit Value Beginning $7.569 Accumulation Unit Value Ending $8.240 Number of Units Outstanding at End of Year 653,279 Fidelity VIP Money Market - Initial Class Accumulation Unit Value Beginning $10.446 Accumulation Unit Value Ending $10.404 Number of Units Outstanding at End of Year 158,446 Fidelity VIP Overseas - Initial Class Accumulation Unit Value Beginning $7.258 Accumulation Unit Value Ending $8.117 Number of Units Outstanding at End of Year 113,024 Janus Aspen Series Mid Cap Growth - Institutional Shares Accumulation Unit Value Beginning $3.741 Accumulation Unit Value Ending $4.445 Number of Units Outstanding at End of Year 94,730 Janus Aspen Series Balanced - Institutional Shares Accumulation Unit Value Beginning $9.332 Accumulation Unit Value Ending $9.967 Number of Units Outstanding at End of Year 241,921 Janus Aspen Series Flexible Bond - Institutional Shares Accumulation Unit Value Beginning $12.567 Accumulation Unit Value Ending $12.858 Number of Units Outstanding at End of Year 94,082 Janus Aspen Series Large Cap Growth - Institutional Shares Accumulation Unit Value Beginning $5.786 Accumulation Unit Value Ending $5.952 Number of Units Outstanding at End of Year 194,209 Janus Aspen Series Foreign Stock - Service Shares Accumulation Unit Value Beginning $10.166 Accumulation Unit Value Ending $11.828 Number of Units Outstanding at End of Year 32,276 Janus Aspen Series Worldwide Growth - Institutional Shares Accumulation Unit Value Beginning $5.597 Accumulation Unit Value Ending $5.771 Number of Units Outstanding at End of Year 164,971 LSA Balanced Accumulation Unit Value Beginning $11.010 Accumulation Unit Value Ending $11.130 Number of Units Outstanding at End of Year 0 MFS Emerging Growth - Initial Class Accumulation Unit Value Beginning $4.463 Accumulation Unit Value Ending $4.962 Number of Units Outstanding at End of Year 85,052 MFS Investors Trust - Initial Class Accumulation Unit Value Beginning $7.620 Accumulation Unit Value Ending $8.351 Number of Units Outstanding at End of Year 65,590 MFS New Discovery - Initial Class Accumulation Unit Value Beginning $7.426 Accumulation Unit Value Ending $7.785 Number of Units Outstanding at End of Year 192,944 MFS Research - Initial Class Accumulation Unit Value Beginning $6.271 Accumulation Unit Value Ending $7.149 Number of Units Outstanding at End of Year 25,693 MFS Total Return - Initial Class Accumulation Unit Value Beginning $11.819 Accumulation Unit Value Ending $12.948 Number of Units Outstanding at End of Year 165,044 PREMIER VIT OpCap Balanced Accumulation Unit Value Beginning $10.000 Accumulation Unit Value Ending $10.787 Number of Units Outstanding at End of Year 30,117 PREMIER VIT OpCap SmallCap Accumulation Unit Value Beginning $10.084 Accumulation Unit Value Ending $11.699 Number of Units Outstanding at End of Year 99,363 PREMIER VIT OpCap Balanced Accumulation Unit Value Beginning $11.113 Accumulation Unit Value Ending $13.035 Number of Units Outstanding at End of Year 121,027 PIMCO VIT Foreign Bond - Administrative Shares Accumulation Unit Value Beginning $10.607 Accumulation Unit Value Ending $11.019 Number of Units Outstanding at End of Year 41,099 PIMCO VIT Total Return - Administrative Shares Accumulation Unit Value Beginning $10.887 Accumulation Unit Value Ending $11.238 Number of Units Outstanding at End of Year 258,505 Putnam VT International Growth and Income Accumulation Unit Value Beginning $11.096 Accumulation Unit Value Ending $13.211 Number of Units Outstanding at End of Year 30,902 Salomon Brothers Variable Investors - Class I Accumulation Unit Value Beginning $10.000 Accumulation Unit Value Ending $10.928 Number of Units Outstanding at End of Year 59,957 Scudder SVS I Balanced - Class A Accumulation Unit Value Beginning $8.656 Accumulation Unit Value Ending $9.071 Number of Units Outstanding at End of Year 94,855 Scudder SVS I Bond - Class A Accumulation Unit Value Beginning $12.111 Accumulation Unit Value Ending $12.560 Number of Units Outstanding at End of Year 104,889 Scudder SVS I Global Discovery - Class A Accumulation Unit Value Beginning $7.835 Accumulation Unit Value Ending $9.511 Number of Units Outstanding at End of Year 85,021 Scudder SVS I Growth and Income - Class A Accumulation Unit Value Beginning $7.904 Accumulation Unit Value Ending $8.569 Number of Units Outstanding at End of Year 32,112 Scudder SVS I International - Class A Accumulation Unit Value Beginning $5.990 Accumulation Unit Value Ending $6.869 Number of Units Outstanding at End of Year 40,501 Scudder SVS II Total Return - Class A Accumulation Unit Value Beginning -- Accumulation Unit Value Ending -- Number of Units Outstanding at End of Year -- STI Classic Capital Appreciation Accumulation Unit Value Beginning $8.049 Accumulation Unit Value Ending $8.456 Number of Units Outstanding at End of Year 37,606 STI Classic International Equity Accumulation Unit Value Beginning $8.150 Accumulation Unit Value Ending $9.572 Number of Units Outstanding at End of Year 777 STI Classic Value Income Stock Accumulation Unit Value Beginning $11.279 Accumulation Unit Value Ending $12.798 Number of Units Outstanding at End of Year 31,724 Strong Mid Cap Growth II - Investor Class Accumulation Unit Value Beginning $4.458 Accumulation Unit Value Ending $5.227 Number of Units Outstanding at End of Year 89,140 Strong Opportunity II - Investor Class Accumulation Unit Value Beginning $9.349 Accumulation Unit Value Ending $10.877 Number of Units Outstanding at End of Year 304,108 T. Rowe Price Equity Income - I Accumulation Unit Value Beginning $12.158 Accumulation Unit Value Ending $13.750 Number of Units Outstanding at End of Year 188,012 T. Rowe Price International Stock - I Accumulation Unit Value Beginning $6.764 Accumulation Unit Value Ending $7.573 Number of Units Outstanding at End of Year 100,922 T. Rowe Price Mid-Cap Growth - I Accumulation Unit Value Beginning $10.360 Accumulation Unit Value Ending $12.066 Number of Units Outstanding at End of Year 230,191 T. Rowe Price New America Growth - I Accumulation Unit Value Beginning $7.335 Accumulation Unit Value Ending $8.004 Number of Units Outstanding at End of Year 45,690 Van Kampen LIT Aggressive Growth - Class II Accumulation Unit Value Beginning $10.000 Accumulation Unit Value Ending $11.129 Number of Units Outstanding at End of Year 13,497 Van Kampen LIT Growth and Income - Class II Accumulation Unit Value Beginning $10.233 Accumulation Unit Value Ending $11.492 Number of Units Outstanding at End of Year 82,521 Van Kampen UIF U.S. Mid Cap Value - Class I Accumulation Unit Value Beginning $10.000 Accumulation Unit Value Ending $11.306 Number of Units Outstanding at End of Year 131,386 Wells Fargo Advantage Discovery Fund Accumulation Unit Value Beginning -- Accumulation Unit Value Ending -- Number of Units Outstanding at End of Year -- Wells Fargo Advantage Opportunity Fund Accumulation Unit Value Beginning -- Accumulation Unit Value Ending -- Number of Units Outstanding at End of Year -- Accumulation Unit Values Basic Policy plus Death Benefit and Income Benefit Rider Year ending December 31, Subaccount 2004 AIM V.I. Basic Value - Series I Accumulation Unit Value Beginning $10.000 Accumulation Unit Value Ending $10.792 Number of Units Outstanding at End of Year 41,127 Alger American Growth - Class O Accumulation Unit Value Beginning $9.981 Accumulation Unit Value Ending $10.357 Number of Units Outstanding at End of Year 166,189 Alger American Income & Growth - Class O Accumulation Unit Value Beginning $11.393 Accumulation Unit Value Ending $12.086 Number of Units Outstanding at End of Year 91,984 Alger American Leveraged AllCap - Class O Accumulation Unit Value Beginning $11.799 Accumulation Unit Value Ending $12.556 Number of Units Outstanding at End of Year 128,384 Alger American MidCap Growth - Class O Accumulation Unit Value Beginning $14.939 Accumulation Unit Value Ending $16.611 Number of Units Outstanding at End of Year 81,249 Alger American Small Capitalization - Class O Accumulation Unit Value Beginning $8.037 Accumulation Unit Value Ending $9.216 Number of Units Outstanding at End of Year 189,896 Federated High Income Bond II Accumulation Unit Value Beginning $10.584 Accumulation Unit Value Ending $11.500 Number of Units Outstanding at End of Year 71,574 Federated U.S. Goverment Securities II Accumulation Unit Value Beginning $12.439 Accumulation Unit Value Ending $12.678 Number of Units Outstanding at End of Year 44,922 Federated Capital Income II Accumulation Unit Value Beginning $7.505 Accumulation Unit Value Ending $8.115 Number of Units Outstanding at End of Year 16,754 Fidelity VIP Asset Manager - Initial Class Accumulation Unit Value Beginning $10.948 Accumulation Unit Value Ending $11.358 Number of Units Outstanding at End of Year 36,895 Fidelity VIP Contrafund - Initial Class Accumulation Unit Value Beginning $12.491 Accumulation Unit Value Ending $14.188 Number of Units Outstanding at End of Year 218,223 Fidelity VIP Equity-Income - Initial Class Accumulation Unit Value Beginning $11.810 Accumulation Unit Value Ending $12.957 Number of Units Outstanding at End of Year 162,289 Fidelity VIP Growth - Initial Class Accumulation Unit Value Beginning $9.998 Accumulation Unit Value Ending $10.167 Number of Units Outstanding at End of Year 151,515 Fidelity VIP Index 500 - Initial Class Accumulation Unit Value Beginning $10.019 Accumulation Unit Value Ending $10.902 Number of Units Outstanding at End of Year 303,187 Fidelity VIP Money Market - Initial Class Accumulation Unit Value Beginning $11.164 Accumulation Unit Value Ending $11.114 Number of Units Outstanding at End of Year 181,129 Fidelity VIP Overseas - Initial Class Accumulation Unit Value Beginning $10.033 Accumulation Unit Value Ending $11.215 Number of Units Outstanding at End of Year 44,382 Janus Aspen Series Mid Cap Growth - Institutional Shares Accumulation Unit Value Beginning $10.220 Accumulation Unit Value Ending $12.139 Number of Units Outstanding at End of Year 227,769 Janus Aspen Series Balanced - Institutional Shares Accumulation Unit Value Beginning $13.538 Accumulation Unit Value Ending $14.452 Number of Units Outstanding at End of Year 126,529 Janus Aspen Series Flexible Bond - Institutional Shares Accumulation Unit Value Beginning $12.886 Accumulation Unit Value Ending $13.178 Number of Units Outstanding at End of Year 50,191 Janus Aspen Series Large Cap Growth - Institutional Shares Accumulation Unit Value Beginning $9.772 Accumulation Unit Value Ending $10.046 Number of Units Outstanding at End of Year 274,531 Janus Aspen Series Foreign Stock - Service Shares Accumulation Unit Value Beginning $10.157 Accumulation Unit Value Ending $11.812 Number of Units Outstanding at End of Year 19,692 Janus Aspen Series Worldwide Growth - Institutional Shares Accumulation Unit Value Beginning $9.759 Accumulation Unit Value Ending $10.058 Number of Units Outstanding at End of Year 288,675 LSA Balanced Accumulation Unit Value Beginning $11.001 Accumulation Unit Value Ending $11.118 Number of Units Outstanding at End of Year 0 MFS Emerging Growth - Initial Class Accumulation Unit Value Beginning $8.804 Accumulation Unit Value Ending $9.782 Number of Units Outstanding at End of Year 182,144 MFS Investors Trust - Initial Class Accumulation Unit Value Beginning $8.898 Accumulation Unit Value Ending $9.746 Number of Units Outstanding at End of Year 56,446 MFS New Discovery - Initial Class Accumulation Unit Value Beginning $15.403 Accumulation Unit Value Ending $16.139 Number of Units Outstanding at End of Year 50,201 MFS Research - Initial Class Accumulation Unit Value Beginning $8.907 Accumulation Unit Value Ending $10.150 Number of Units Outstanding at End of Year 66,633 MFS Total Return - Initial Class Accumulation Unit Value Beginning $12.900 Accumulation Unit Value Ending $14.125 Number of Units Outstanding at End of Year 106,104 PREMIER VIT OpCap Balanced Accumulation Unit Value Beginning $10.000 Accumulation Unit Value Ending $10.783 Number of Units Outstanding at End of Year 13,967 PREMIER VIT OpCap SmallCap Accumulation Unit Value Beginning $10.076 Accumulation Unit Value Ending $11.683 Number of Units Outstanding at End of Year 22,600 PREMIER VIT OpCap Balanced Accumulation Unit Value Beginning $11.104 Accumulation Unit Value Ending $13.017 Number of Units Outstanding at End of Year 123,438 PIMCO VIT Foreign Bond - Administrative Shares Accumulation Unit Value Beginning $10.598 Accumulation Unit Value Ending $11.004 Number of Units Outstanding at End of Year 5,691 PIMCO VIT Total Return - Administrative Shares Accumulation Unit Value Beginning $10.878 Accumulation Unit Value Ending $11.223 Number of Units Outstanding at End of Year 79,473 Putnam VT International Growth and Income Accumulation Unit Value Beginning $11.087 Accumulation Unit Value Ending $13.193 Number of Units Outstanding at End of Year 8,707 Salomon Brothers Variable Investors - Class I Accumulation Unit Value Beginning $10.000 Accumulation Unit Value Ending $10.924 Number of Units Outstanding at End of Year 10,304 Scudder SVS I Balanced - Class A Accumulation Unit Value Beginning $10.790 Accumulation Unit Value Ending $11.301 Number of Units Outstanding at End of Year 29,050 Scudder SVS I Bond - Class A Accumulation Unit Value Beginning $12.269 Accumulation Unit Value Ending $12.717 Number of Units Outstanding at End of Year 44,974 Scudder SVS I Global Discovery - Class A Accumulation Unit Value Beginning $14.013 Accumulation Unit Value Ending $17.001 Number of Units Outstanding at End of Year 40,986 Scudder SVS I Growth and Income - Class A Accumulation Unit Value Beginning $8.682 Accumulation Unit Value Ending $9.408 Number of Units Outstanding at End of Year 25,929 Scudder SVS I International - Class A Accumulation Unit Value Beginning $8.326 Accumulation Unit Value Ending $9.544 Number of Units Outstanding at End of Year 31,120 Scudder SVS II Total Return - Class A Accumulation Unit Value Beginning -- Accumulation Unit Value Ending -- Number of Units Outstanding at End of Year -- STI Classic Capital Appreciation Accumulation Unit Value Beginning $8.493 Accumulation Unit Value Ending $8.918 Number of Units Outstanding at End of Year 3,322 STI Classic International Equity Accumulation Unit Value Beginning $8.749 Accumulation Unit Value Ending $10.270 Number of Units Outstanding at End of Year 0 STI Classic Value Income Stock Accumulation Unit Value Beginning $8.999 Accumulation Unit Value Ending $10.205 Number of Units Outstanding at End of Year 112,653 Strong Mid Cap Growth II - Investor Class Accumulation Unit Value Beginning $9.846 Accumulation Unit Value Ending $11.541 Number of Units Outstanding at End of Year 85,988 Strong Opportunity II - Investor Class Accumulation Unit Value Beginning $13.959 Accumulation Unit Value Ending $16.233 Number of Units Outstanding at End of Year 69,356 T. Rowe Price Equity Income - I Accumulation Unit Value Beginning $12.861 Accumulation Unit Value Ending $14.538 Number of Units Outstanding at End of Year 184,824 T. Rowe Price International Stock - I Accumulation Unit Value Beginning $9.005 Accumulation Unit Value Ending $10.077 Number of Units Outstanding at End of Year 37,821 T. Rowe Price Mid-Cap Growth - I Accumulation Unit Value Beginning $15.175 Accumulation Unit Value Ending $17.665 Number of Units Outstanding at End of Year 82,382 T. Rowe Price New America Growth - I Accumulation Unit Value Beginning $8.897 Accumulation Unit Value Ending $9.704 Number of Units Outstanding at End of Year 25,316 Van Kampen LIT Aggressive Growth - Class II Accumulation Unit Value Beginning $10.000 Accumulation Unit Value Ending $11.125 Number of Units Outstanding at End of Year 8,293 Van Kampen LIT Growth and Income - Class II Accumulation Unit Value Beginning $10.224 Accumulation Unit Value Ending $11.477 Number of Units Outstanding at End of Year 17,744 Van Kampen UIF U.S. Mid Cap Value - Class I Accumulation Unit Value Beginning $10.000 Accumulation Unit Value Ending $11.302 Number of Units Outstanding at End of Year 28,827 Wells Fargo Advantage Discovery Fund Accumulation Unit Value Beginning Accumulation Unit Value Ending Number of Units Outstanding at End of Year Wells Fargo Advantage Opportunity Fund Accumulation Unit Value Beginning Accumulation Unit Value Ending Number of Units Outstanding at End of Year For future reference, please keep this supplement together with your prospectus. PART II INFORMATION NOT REQUIRED IN PROSPECTUS Item 14. Other Expenses of issuance and Distribution. Pursuant to Item 511 of Regulation S-K, the Registrant hereby represents that the following expenses totaling approximately $ 31,000.00 will be incurred or are anticipated to be incurred in connection with the issuance and distribution of the securities to be registered: registration fees - $0.00; cost of printing and engraving - $ 25,000.00 (approximate); legal fees - $ 5,000.00 (approximate), and accounting fees - $ 1,000.00 (approximate). All amounts are estimated, for the period ending April 4, 2005, for the continuous offering of shares, but are not deducted from proceeds. Item 15. Indemnification of Directors and Officers The Articles of Incorporation of Lincoln Benefit Life Company (Depositor) provide for the indemnification of its directors and officers against expenses, judgments, fines and amounts paid in settlement as incurred by such person, so long as such person shall not have been adjudged to be liable for negligence or misconduct in the performance of a duty to the Company. This right of indemnity is not exclusive of other rights to which a director or officer may otherwise be entitled. The By-Laws of ALFS, Inc. (Distributor) provide that the corporation will indemnify a director, officer, employee or agent of the corporation to the full extent of Delaware law. In general, Delaware law provides that a corporation may indemnify a director, officer, employee or agent against expenses, judgments, fines and amounts paid in settlement if that individual acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the corporation, and with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful. No indemnification shall be made for expenses, including attorney's fees, if the person shall have been judged to be liable to the corporation unless a court determines such person is entitled to such indemnity. Expenses incurred by such individual in defending any action or proceeding may be advanced by the corporation so long as the individual agrees to repay the corporation if it is later determined that he or she is not entitled to such indemnification. Under the terms of the form of Underwriting Agreement, the Depositor agrees to indemnify the Distributor for any liability that the latter may incur to a Contract owner or party-in-interest under a Contract, (a) arising out of any act or omission in the course of or in connection with rendering services under such Agreement, or (b) arising out of the purchase, retention or surrender of a Contract; provided that the Depositor will not indemnify the Distributor for any such liability that results from the latter's willful misfeasance, bad faith or grow negligence, or from the reckless disregard by the latter of its duties and obligations under the Underwriting Agreement. Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the forgoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suite or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue. Item 16. Exhibits Exh. No. Description 1 Principal Underwriting Agreement (1) 3(a) Articles of Incorporation (2) 3(b) Bylaws (2) 4(a) Form of Variable Annuity Contract (3) 4(b) Form of Application (3) 5 Opinion and Consent of Counsel regarding legality (4) 21 Subsidiaries of Registrant - Not Applicable 23 Consent of Independent Registered Public Accounting Firm (filed herewith) 27 Financial Data Schedule (5) 99 Experts (filed herewith) 99(a) Powers of Attorney for Lawrence W. Dahl, Douglas F. Gaer, John C. Lounds, Samuel H. Pilch, asey J. Sylla, Michael J. Velotta, B. Eugene Wraith, (6) 99(b) Power of Attorney for Kevin R. Slawin (7) 99(c) Power of Attorney for John C. Pintozzi, Douglas B. Welch, Steven C. Verney (filed herewith) ------------------------------------------------- (1) Post-Effective Amendment to Form N-4 for Lincoln Benefit Life Variable Annuity Account (File No. 333-50545, 811-07924) filed January 22, 1999 (2) Registration Statement on Form S-6 for the Lincoln Benefit Life Variable Life Account (File No. 333-47717) filed March 11, 1998 (3) Registration Statement on Form N-4 for Lincoln Benefit Life Variable Annuity Account (File No. 333-50545, 811-07924) filed April 22, 1998 (4) Post-Effective Amendment to Form S-1 on Form S-3 for Lincoln Benefit Life Variable Annuity Account (File No. 333-59765) filed April 21, 2000. (5) Registrant's Form 10-K filed March 29, 2001. (6) Post-Effective Amendment to Form N-4 for Lincoln Benefit Life Variable Annuity Account (File No. 333-50545) filed April 14, 2003. (7) Post-Effective Amendment to Form N-4 for Lincoln Benefit Life Variable Annuity Account, (File No. 333-50545), filed April 19, 2004. Item 17. Undertakings. (a) The undersigned registrant hereby undertakes: (1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement: (i) To include any prospectus required by section 10(a)(3) of the Securities Act of 1933; (ii) To reflect in the Prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement; (iii)To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement; (2) That, for the determining of any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. (3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering. (b) The undersigned registrant hereby undertakes that, for purposes of determining any liabilities under the Securities Act of 1933, each filing of the registrant's annual report pursuant to section 13(a) or section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. (c) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted in directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue. SIGNATURES As required by the Securities Act of 1933, the Registrant has reasonable grounds to believe that it meets all of the requirements for filing on Form S-3 and has duly caused this Post-Effective Amendment to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Lincoln and State of Nebraska on April 4, 2005. LINCOLN BENEFIT LIFE COMPANY (Registrant) By: /s/ B. Eugene Wraith --------------------------------------------------------- B. Eugene Wraith President and Chief Operating Officer Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment to the Registration Statement has been signed below by the following directors and principal officers of Lincoln Benefit Life Company in the capacities and on April 4, 2005. Name Title ------------------------------ -------------------------- /s/ B. Eugene Wraith Director, President and Chief Operating ------------------------------- Officer (Principal Executive Officer) /s/ Samuel H. Pilch Group Vice President and Controller ------------------------------ (Principal Accounting Officer) /s/ Steven C. Verney Treasurer ----------------------------- (Principal Financial Officer) /s/ Lawrence W. Dahl Director, Executive Vice President ---------------------------- /s/ Douglas F. Gaer Executive Vice President ---------------------------- /s/ John C. Lounds Director ---------------------------- /s/ Douglas B. Welch Director, Vice President ---------------------------- /s/ John C. Pintozzi Director, Senior Vice President and ---------------------------- Chief Financial Officer /s/ Kevin R. Slawin Director ---------------------------- /s/ Michael J. Velotta Director, Senior Vice President, ---------------------------- General Counsel and Secretary /s/ Casey J. Sylla Director, Chairman of the Board and ---------------------------- Chief Executive Officer EXHIBITS Exhibit No. Description 23 Consent of Independent Registered Public Accounting Firm 99 Experts 99 (c) Power of Attorney for John C. Pintozzi, Douglas B. Welch, Steven C. Verney