-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, SN6uZQtBLmgO8v5+jWBWU652/iuL1Plu3NOH0S4/iDSQxMcu7J8qe3bNuRIDC0a5 T0NkwpyzxnmeIzavDlCU0Q== 0000945094-05-000317.txt : 20050404 0000945094-05-000317.hdr.sgml : 20050404 20050404155733 ACCESSION NUMBER: 0000945094-05-000317 CONFORMED SUBMISSION TYPE: 424B3 PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 20050404 DATE AS OF CHANGE: 20050404 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LINCOLN BENEFIT LIFE CO CENTRAL INDEX KEY: 0000910739 IRS NUMBER: 470766853 STATE OF INCORPORATION: NE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 424B3 SEC ACT: 1933 Act SEC FILE NUMBER: 333-59769 FILM NUMBER: 05729858 BUSINESS ADDRESS: STREET 1: P O BOX 80469 STREET 2: 2940 SOUTH 84TH ST CITY: LINCOLN STATE: NE ZIP: 68501 BUSINESS PHONE: 4024794061 MAIL ADDRESS: STREET 1: PO BOX 80469 STREET 2: 206 S 13TH STREET CITY: LINCOLN STATE: NE ZIP: 68501 424B3 1 conva2finals3.txt FACE PAGE, SUPPLEMENT, PART II As Filed with the Securities and Exchange Commission on April 4, 2005 File No. 333-59769 - -------------------------------------------------------------------------------- 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 1-800-525-9287 (Address of registrant's principal executive offices) WILLIAM F. EMMONS, ESQ. LINCOLN BENEFIT LIFE COMPANY 2940 South 84th St. LINCOLN, NE 68506 1-800-525-9287 (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 II 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 6 of the prospectus 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 6-7 of the prospectus are deleted in their entirety and replaced by the following: Example 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 assume 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, or continued to hold Your Contract, at the end of each time period, and, o with total Separate Account expenses of 1.40%. 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 $577 $1,719 $2,844 $5,585 - ---------------------------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------------------- Costs Based on Minimum Annual Portfolio Expenses $189 $581 $993 $2,123 - ----------------------------------------------------------------------------------------------------------------------------
Explanation of Expense Example 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. The Examples reflect 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 Each Portfolio Seeks 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. - ---------------------------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------------------- 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 income. Its Class O 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 Capital Income Fund II High current income and moderate capital Federated Equity Management appreciation Company of Pennsylvania - ---------------------------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------------------- Federated High Income Bond Fund II High current income Federated Investment Management Company - ---------------------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------ Federated Fund for U.S. Government Current income Securities II - ---------------------------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------------------- Fidelity(R) Variable Insurance Products - ---------------------------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------------------- Fidelity VIP Asset Manager(SM) Portfolio - To obtain high total return with reduced risk over Fidelity Management & Initial Class the long term by allocating its assets among Research Company 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 the total Class return of common stocks publicly traded in the United States, as represented by the Standard & Poors 500(SM) Index (S&P 500(R) ). - ------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------ Fidelity VIP Money Market Portfolio - As high a level of current income as is consistent Initial Class 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 with Janus Capital Management Institutional Shares preservation of capital and balanced by current LLC income. - ---------------------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------ Janus Aspen Series Flexible Bond Portfolio To obtain maximum total return, consistent with - Institutional Shares (2) 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 consistent Portfolio - Institutional Shares (2) 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 consistent Portfolio - Institutional Shares 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 preservation Administrative Shares 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 current income as Salomon Brothers Asset Class I a secondary objective Management Inc - ---------------------------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------------------- Scudder Variable Series I - ---------------------------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------------------- Scudder SVS I Bond Portfolio - Class A To provide a high level of income consistent with a Deutsche Investment high quality portfolio of debt securities Management Americas Inc. - ---------------------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------ Scudder SVS I Global Discovery Portfolio - Above-average capital appreciation over the long Class A term - ------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------ Scudder SVS I Growth and Income Portfolio Long-term growth of capital, current income and - Class A growth of income - ------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------ Scudder SVS I International Portfolio - Long-term growth of capital primarily through Class A diversified holdings of marketable foreign equity investments - ---------------------------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------------------- Scudder Variable Series II - ---------------------------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------------------- Scudder SVS II Total Return Portfolio - High total return, a combination of income and Deutsche Investment Class A (4) 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 of Van Kampen (7) Portfolio, Class I 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 39 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(1) Beginning 10.000 Accumulation Unit Value Ending 10.810 Number of Units Outstanding at End of Year 58,864 Alger American Growth - Class O Sub-Account Accumulation Unit Value(1) Beginning 10.116 Accumulation Unit Value Ending 10.524 Number of Units Outstanding at End of Year 106,786 Alger American Income & Growth - Class O Sub-Account Accumulation Unit Value(1) Beginning 11.547 Accumulation Unit Value Ending 12.280 Number of Units Outstanding at End of Year 94,296 Alger American Leveraged AllCap - Class O Sub-Account Accumulation Unit Value(1) Beginning 11.959 Accumulation Unit Value Ending 12.758 Number of Units Outstanding at End of Year 125,490 Alger American MidCap Growth - Class O Sub-Account Accumulation Unit Value(1) Beginning 15.141 Accumulation Unit Value Ending 16.878 Number of Units Outstanding at End of Year 189,941 Alger American Small Capitalization - Class O Sub-Account Accumulation Unit Value(1) Beginning 8.146 Accumulation Unit Value Ending 9.364 Number of Units Outstanding at End of Year 152,854 Federated Capital Income II Sub-Account Accumulation Unit Value(1) Beginning 7.607 Accumulation Unit Value Ending 8.245 Number of Units Outstanding at End of Year 118,737 Federated High Income Bond II Sub-Account Accumulation Unit Value(1) Beginning 10.727 Accumulation Unit Value Ending 11.864 Number of Units Outstanding at End of Year 274,221 Federated for U.S. Government Securities II Sub-Account Accumulation Unit Value(1) Beginning 12.608 Accumulation Unit Value Ending 12.881 Number of Units Outstanding at End of Year 254,843 Fidelity VIP Asset Manager(SM) - Initial Class Sub-Account Accumulation Unit Value(1) Beginning 11.097 Accumulation Unit Value Ending 11.541 Number of Units Outstanding at End of Year 119,887 Fidelity VIP Contrafund(R) - Initial Class Sub-Account Accumulation Unit Value(1) Beginning 12.660 Accumulation Unit Value Ending 14.416 Number of Units Outstanding at End of Year 442,140 Fidelity VIP Equity-Income - Initial Class Sub-Account Accumulation Unit Value(1) Beginning 11.970 Accumulation Unit Value Ending 13.165 Number of Units Outstanding at End of Year 324,151 Fidelity VIP Growth - Initial Class Sub-Account Accumulation Unit Value(1) Beginning 10.133 Accumulation Unit Value Ending 10.330 Number of Units Outstanding at End of Year 310,704 Fidelity VIP Index 500 - Initial Class Sub-Account Accumulation Unit Value(1) Beginning 10.155 Accumulation Unit Value Ending 11.077 Number of Units Outstanding at End of Year 569,379 Fidelity VIP Money Market - Initial Class Sub-Account Accumulation Unit Value(1) Beginning 11.315 Accumulation Unit Value Ending 11.292 Number of Units Outstanding at End of Year 421,371 Fidelity VIP Overseas - Initial Class Sub-Account Accumulation Unit Value(1) Beginning 10.169 Accumulation Unit Value Ending 11.395 Number of Units Outstanding at End of Year 138,707 Janus Aspen Series Mid Cap Growth - Institutional Shares Sub-Account Accumulation Unit Value(1) Beginning 10.359 Accumulation Unit Value Ending 12.334 Number of Units Outstanding at End of Year 142,342 Janus Aspen Series Balanced - Institutional Shares Sub-Account Accumulation Unit Value(1) Beginning 13.721 Accumulation Unit Value Ending 14.684 Number of Units Outstanding at End of Year 348,122 Janus Aspen Series Flexible Bond - Institutional Shares Sub-Account (3) Accumulation Unit Value(1) Beginning 13.061 Accumulation Unit Value Ending 13.390 Number of Units Outstanding at End of Year 235,284 Janus Aspen Series Large Cap Growth - Institutional Shares Sub-Account (3) Accumulation Unit Value(1) Beginning 9.904 Accumulation Unit Value Ending 10.208 Number of Units Outstanding at End of Year 266,429 Janus Aspen Series Foreign Stock - Service Shares Sub-Account (2)(5) Accumulation Unit Value(1) Beginning 10.200 Accumulation Unit Value Ending 11.891 Number of Units Outstanding at End of Year 63,308 Janus Aspen Series Worldwide Growth - Institutional Shares Sub-Account Accumulation Unit Value(1) Beginning 9.891 Accumulation Unit Value Ending 10.220 Number of Units Outstanding at End of Year 155,504 LSA Balanced (2)(4) Accumulation Unit Value(1) Beginning Accumulation Unit Value Ending Number of Units Outstanding at End of Year MFS Emerging Growth - Initial Class Sub-Account Accumulation Unit Value(1) Beginning 8.923 Accumulation Unit Value Ending 9.939 Number of Units Outstanding at End of Year 51,201 MFS Investors Trust - Initial Class Sub-Account Accumulation Unit Value(1) Beginning 9.018 Accumulation Unit Value Ending 9.902 Number of Units Outstanding at End of Year 43,733 MFS New Discovery - Initial Class Sub-Account Accumulation Unit Value(1) Beginning 15.612 Accumulation Unit Value Ending 16.398 Number of Units Outstanding at End of Year 71,788 MFS Research - Initial Class Sub-Account Accumulation Unit Value(1) Beginning 9.027 Accumulation Unit Value Ending 10.313 Number of Units Outstanding at End of Year 41,251 MFS Total Return - Initial Class Sub-Account Accumulation Unit Value(1) Beginning 13.074 Accumulation Unit Value Ending 14.352 Number of Units Outstanding at End of Year 176,247 Premier VIT OpCap Balanced Sub-Account (2)(5) Accumulation Unit Value(1) Beginning 10.000 Accumulation Unit Value Ending 10.801 Number of Units Outstanding at End of Year 75,904 Premier VIT OpCap Small Cap Sub-Account (2)(5) Accumulation Unit Value(1) Beginning 10.118 Accumulation Unit Value Ending 11.762 Number of Units Outstanding at End of Year 79,179 Oppenheimer Main Street Small Cap/VA - Service Shares Sub-Account (2) Accumulation Unit Value(1) Beginning 11.151 Accumulation Unit Value Ending 13.104 Number of Units Outstanding at End of Year 137,464 PIMCO VIT Foreign Bond (U.S. Dollar-Hedged) - Administrative Shares Sub-Account (2) Accumulation Unit Value(1) Beginning 10.642 Accumulation Unit Value Ending 11.078 Number of Units Outstanding at End of Year 70,009 PIMCO VIT Total Return - Administrative Shares Sub-Account (2) Accumulation Unit Value(1) Beginning 10.924 Accumulation Unit Value Ending 11.298 Number of Units Outstanding at End of Year 410,197 Putnam VT International Growth and Income - Class IB Sub-Account Accumulation Unit Value(1) Beginning 11.133 Accumulation Unit Value Ending 13.282 Number of Units Outstanding at End of Year 25,804 Salomon Brothers Variable Investors - Class I Sub-Account Accumulation Unit Value(1) Beginning 10.000 Accumulation Unit Value Ending 10.943 Number of Units Outstanding at End of Year 15,927 Scudder SVS II Total Return - Class A Sub-Account (6) Accumulation Unit Value(1) Beginning Accumulation Unit Value Ending Number of Units Outstanding at End of Year Scudder SVS I Bond - Class A Sub-Account Accumulation Unit Value(1) Beginning 12.435 Accumulation Unit Value Ending 12.921 Number of Units Outstanding at End of Year 172,335 Scudder SVS I Global Discovery - Class A Sub-Account Accumulation Unit Value(1) Beginning 14.202 Accumulation Unit Value Ending 17.275 Number of Units Outstanding at End of Year 107,272 Scudder SVS I Growth and Income - Class A Sub-Account Accumulation Unit Value(1) Beginning 8.800 Accumulation Unit Value Ending 9.559 Number of Units Outstanding at End of Year 38,185 Scudder SVS I International - Class A Sub-Account Accumulation Unit Value(1) Beginning 8.439 Accumulation Unit Value Ending 9.967 Number of Units Outstanding at End of Year 51,111 STI Classic Capital Appreciation Sub-Account Accumulation Unit Value(1) Beginning 8.593 Accumulation Unit Value Ending 9.045 Number of Units Outstanding at End of Year 30,367 STI Classic International Equity Sub-Account (7) Accumulation Unit Value(1) Beginning 8.851 Accumulation Unit Value Ending 10.417 Number of Units Outstanding at End of Year 223 STI Classic Value Income Stock Sub-Account Accumulation Unit Value(1) Beginning 9.104 Accumulation Unit Value Ending 10.351 Number of Units Outstanding at End of Year 41,425 Strong Opportunity II - Investor Class Sub-Account Accumulation Unit Value(1) Beginning 14.148 Accumulation Unit Value Ending 16.494 Number of Units Outstanding at End of Year 107,791 T. Rowe Price Equity Income - I Sub-Account Accumulation Unit Value(1) Beginning 13.035 Accumulation Unit Value Ending 14.771 Number of Units Outstanding at End of Year 201,619 T. Rowe Price International Stock - I Sub-Account Accumulation Unit Value(1) Beginning 9.127 Accumulation Unit Value Ending 10.239 Number of Units Outstanding at End of Year 95,532 T. Rowe Price Mid-Cap Growth - I Sub-Account (8) Accumulation Unit Value(1) Beginning 15.381 Accumulation Unit Value Ending 17.949 Number of Units Outstanding at End of Year 130,090 T. Rowe Price New America Growth - I Sub-Account Accumulation Unit Value(1) Beginning 9.017 Accumulation Unit Value Ending 9.860 Number of Units Outstanding at End of Year 55,066 Van Kampen LIT Aggressive Growth, Class II Sub-Account (2) Accumulation Unit Value(1) Beginning 10.000 Accumulation Unit Value Ending 11.144 Number of Units Outstanding at End of Year 10,217 Van Kampen LIT Growth and Income, Class II Sub-Account (2) Accumulation Unit Value(1) Beginning 10.267 Accumulation Unit Value Ending 11.554 Number of Units Outstanding at End of Year 138,483 Van Kampen UIF U.S. Mid Cap Value, Class I Sub-Account (2)(9) Accumulation Unit Value(1) Beginning 10.000 Accumulation Unit Value Ending 11.321 Number of Units Outstanding at End of Year 98,278 Wells Fargo Advantage Discovery Sub-Account (10) Accumulation Unit Value(1) Beginning -- Accumulation Unit Value Ending -- Number of Units Outstanding at End of Year -- Wells Fargo Advantage Opportunity Sub-Account (10) Accumulation Unit Value(1) 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 Subaccounts 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. 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; 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(5) 21 Subsidiaries of Registrant - Not Applicable 23 Consent of Independent Registered Public Accounting Firm (filed herewith) 27 Financial Data Schedule(4) 99 Experts (filed herewith) 99(a) Powers of Attorney for Lawrence W. Dahl, Douglas F. Gaer, John C. Lounds, Samuel H. Pilch, Casey 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) Incorporated herein by reference to Post-Effective Amendment No. 1 to the Registration Statement on Form N-4 for Lincoln Benefit Life Variable Annuity Account (File No. 333-50545, 811-07924) filed January 28, 1999 (2) Incorporated herein by reference to the Registration Statement on Form S-6 for the Lincoln Benefit Life Variable Life Account (File No. 333-47717) filed March 11, 1998 (3) Incorporated herein by reference to the Registration Statement on Form N-4 for Lincoln Benefit Life Variable Annuity Account (File No. 333-50737, 811-07924) filed April 22, 1998 (4) Incorporated herein by reference to the Registrant's Form 10-K filed March 29, 2001. (5) Incorporated herein by reference to Post-Effective Amendment No. 2 to S-1 on Form S-3 for the Lincoln Benefit Life Variable Annuity Account (File No. 333-59769) filed March 30, 2000. (6) Incorporated herein by reference to Post Effective Amendment No. 6 to Registration Statement on Form N-4 for Lincoln Benefit Life Variable Annuity Account, File No. 333-50737, filed April 14, 2003. (7) Incorporated herein by reference to Post Effective Amendment No. 7 to Registration Statement on Form N-4 for Lincoln Benefit Life Variable Annuity Account, File No. 333-50737, filed April 16, 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 amended Registration Statement 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 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 indicated 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 EX-23 2 conva2exh23.txt CONSENT OF INDEPENDENT AUDITORS Exhibit 23 Consent of Independent Registered Public Accounting Firm We consent to the incorporation by reference in this Post-Effective Amendment No. 7 to Registration Statement No. 333-59769 of Lincoln Benefit Life Company on Form S-3 of our report dated February 24, 2005 (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), appearing in the Annual Report on Form 10-K of Lincoln Benefit Life Company for the year ended December 31, 2004, to its use in the Statement of Additional Information (which is incorporated by reference in the Prospectus of the Lincoln Benefit Life Variable Annuity Account (the "Account")), which is part of such Registration Statement, and to the use of our report dated March 24, 2005 on the financial statements of the sub-accounts of the Account, also appearing in such Statement of Additional Information. We also consent to the references to us under the heading "Experts" in such Statement of Additional Information and in Exhibit 99 of Part II of this Registration Statement. /s/ Deloitte & Touche LLP Chicago, Illinois April 4, 2005 EX-99 3 conva2exh99.txt EXHIBIT 99 EXPERTS AND POWERS OF ATTORNEY Exhibit 99 EXPERTS The financial statements and the related financial statement schedules incorporated in this Registration Statement 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 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 incorporated in reliance upon the report of such firm given upon their authority as experts in accounting and auditing. Exhibit 99 (c) POWER OF ATTORNEY WITH RESPECT TO LINCOLN BENEFIT LIFE VARIABLE ANNUITY ACCOUNT (REGISTRANT) AND LINCOLN BENEFIT LIFE COMPANY (DEPOSITOR) Know all men by these presents that the undersigned director of Lincoln Benefit Life Company constitutes and appoints Michael J. Velotta, as his true and lawful attorney-in-fact and agent, with full power of substitution, for his in any and all capacities, to sign any registration statements of Lincoln Benefit Life Company and its Lincoln Benefit Life Company Variable Annuity Account and any amendments thereto, and to file the same, with exhibits and other documents in connection therewith, with the Securities and Exchange Commission or any other regulatory authority as may be necessary or desirable, hereby ratifying and confirming all that each of said attorney-in-fact and agent, or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof. March 18, 2005 John C. Pintozzi Senior Vice President, Chief Financial Officer and Director POWER OF ATTORNEY WITH RESPECT TO LINCOLN BENEFIT LIFE VARIABLE ANNUITY ACCOUNT (REGISTRANT) AND LINCOLN BENEFIT LIFE COMPANY (DEPOSITOR) Know all men by these presents that the undersigned director of Lincoln Benefit Life Company constitutes and appoints Michael J. Velotta, as his true and lawful attorney-in-fact and agent, with full power of substitution, for his in any and all capacities, to sign any registration statements of Lincoln Benefit Life Company and its Lincoln Benefit Life Company Variable Annuity Account and any amendments thereto, and to file the same, with exhibits and other documents in connection therewith, with the Securities and Exchange Commission or any other regulatory authority as may be necessary or desirable, hereby ratifying and confirming all that each of said attorney-in-fact and agent, or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof. March 18, 2005 Douglas B. Welch Director, Vice President POWER OF ATTORNEY WITH RESPECT TO LINCOLN BENEFIT LIFE VARIABLE ANNUITY ACCOUNT (REGISTRANT) AND LINCOLN BENEFIT LIFE COMPANY (DEPOSITOR) Know all men by these presents that the undersigned officer of Lincoln Benefit Life Company constitutes and appoints Michael J. Velotta, as his true and lawful attorney-in-fact and agent, with full power of substitution, for his in any and all capacities, to sign any registration statements of Lincoln Benefit Life Company and its Lincoln Benefit Life Company Variable Annuity Account and any amendments thereto, and to file the same, with exhibits and other documents in connection therewith, with the Securities and Exchange Commission or any other regulatory authority as may be necessary or desirable, hereby ratifying and confirming all that each of said attorney-in-fact and agent, or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof. March 18, 2005 Steven C. Verney Treasurer -----END PRIVACY-ENHANCED MESSAGE-----