Primerica (PRI) 10-K 2016 FY Annual report

Exhibit 10.2

EXECUTION VERSION

AMENDED AND RESTATED

80% COINSURANCE AGREEMENT

by and between

PRIMERICA LIFE INSURANCE COMPANY

(the “Ceding Company”)

and

PECAN RE INC.

(the “Reinsurer”)

Dated March 31, 2016

TABLE OF CONTENTS

Page
ARTICLE I
DEFINITIONS
Section 1.1	Definitions	1
ARTICLE II
REINSURANCE
Section 2.1	Reinsurance	7
Section 2.2	Exclusions	7
Section 2.3	Territory	8
ARTICLE III
COMMENCEMENT OF THE REINSURER’S LIABILITY
Section 3.1	Commencement of the Reinsurer's Liability	8
ARTICLE IV
REINSURANCE PREMIUMS, ALLOWANCES AND OTHER OBLIGATIONS
Section 4.1	Reinsurance Premiums	8
Section 4.2	Allowances	8
Section 4.3	Other Obligations	9
Section 4.4	Third Party Reinsurance	9
ARTICLE V
TAXES
Section 5.1	Guaranty Fund Assessments	9
Section 5.2	Premium Taxes	9
Section 5.3	DAC Tax Election	9
ARTICLE VI
CLAIMS
Section 6.1	Notice of Claims	10
Section 6.2	Settlement Authority	10
Section 6.3	Claim Payments	10
Section 6.4	Misstatement of Age or Sex	10
ARTICLE VII
REINSTATEMENTS
Section 7.1	Reinstatements	10
ARTICLE VIII
ACCOUNTING AND RESERVES
Section 8.1	Monthly Reports	10
Section 8.2	Monthly Account Balance Reports	10
Section 8.3	Settlements	10
Section 8.4	Offset and Recoupment	11
Section 8.5	Currency	11
ARTICLE IX
EXPENSES IN CONNECTION WITH THE REINSURED POLICIES
Section 9.1	Expenses in Connection with the Reinsured Policies	11

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ARTICLE X
ERRORS AND OMISSIONS
Section 10.1	Errors and Omissions	11
ARTICLE XI
RECAPTURE
Section 11.1	Recapture	12
Section 11.2	Notice of Recapture	12
Section 11.3	Recapture Fee	12
Section 11.4	Renewal Recapture	13
Section 11.5	Commutation Accounting and Settlement	13
Section 11.6	Limitation on Partial Recaptures	13
ARTICLE XII
ACCESS TO BOOKS AND RECORDS
Section 12.1	Access to Books and Records	13
ARTICLE XIII
INSOLVENCY
Section 13.1	Insolvency	14
ARTICLE XIV
DISPUTE RESOLUTION
Section 14.1	Consent to Jurisdiction	14
Section 14.2	Waiver of Jury Trial	14
Section 14.3	Specific Performance	14
ARTICLE XV
REINSURANCE TRUST ACCOUNT
Section 15.1	Reinsurance Trust Agreement	15
Section 15.2	Investment and Valuation of Trust Assets	15
Section 15.3	Adjustment of Trust Assets and Withdrawals	15
Section 15.4	Negotiability of Trust Assets	16
Section 15.5	Ceding Company's Withdrawals	16
Section 15.6	Return of Excess Withdrawals	16
Section 15.7	Costs of Trust	16
ARTICLE XVI
THIRD PARTY BENEFICIARY
Section 16.1	Third Party Beneficiary	17
ARTICLE XVII
REPRESENTATIONS, WARRANTIES AND COVENANTS
Section 17.1	Representations and Warranties of the Ceding Company	17
Section 17.2	Covenants of the Ceding Company	18
Section 17.3	Representations and Warranties of the Reinsurer	20
Section 17.4	Covenants of the Reinsurer	20
ARTICLE XVIII
INDEMNIFICATION
Section 18.1	Indemnification	21

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ARTICLE XIX
LICENSES; REGULATORY MATTERS
Section 19.1	Licenses	21
Section 19.2	Regulatory Matters	21
ARTICLE XX
DURATION OF AGREEMENT; TERMINATION
Section 20.1	Duration	22
Section 20.2	Termination	22
Section 20.3	Survival	22
ARTICLE XXI
MISCELLANEOUS
Section 21.1	Entire Agreement	22
Section 21.2	Amendments	22
Section 21.3	Severability	22
Section 21.4	Governing Law	22
Section 21.5	Notices	23
Section 21.6	Consent to Jurisdiction	23
Section 21.7	Service of Process	24
Section 21.8	Failure to Pay	24
Section 21.9	Assignment and Retrocession	24
Section 21.10	Captions	24
Section 21.11	Treatment of Confidential Information	24
Section 21.12	No Waiver; Preservation of Remedies	25
Section 21.13	Calendar Days	25
Section 21.14	Counterparts	25
Section 21.15	Incontestability	25
Section 21.16	Interpretation	25
Section 21.17	Reasonableness	25

SCHEDULES

Schedule AIdentification of Reserves

Schedule BNo Conflict or Violation Exceptions

Schedule CStop Loss Assets Amount

EXHIBITS

Exhibit I Identification of Reinsured Policies

Exhibit II Third Party Reinsurance

Exhibit III Form of Monthly Report

Exhibit IV Form of Monthly Account Balance Report

Exhibit V Milliman Information

Exhibit VI Milliman Report

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AMENDED AND RESTATED 80% COINSURANCE AGREEMENT

This AMENDED AND RESTATED 80% COINSURANCE AGREEMENT (together with the Exhibits hereto, this “Agreement”) is made on this March 31, 2016 (the “Restatement Date”) by and between PRIMERICA LIFE INSURANCE COMPANY, a stock life insurance company domiciled in the Commonwealth of Massachusetts (together with its successors and permitted assigns, the “Ceding Company”) and PECAN RE INC., a special purpose financial insurance company organized under Section 6048f of Title 8 of the Vermont Statutes Annotated (together with its successors and permitted assigns, the “Reinsurer”), and hereby amends and restates in its entirety that certain 80% Coinsurance Agreement, dated as of March 31, 2010, by and between the Ceding Company and Prime Re (as defined below) (the “Original Agreement”).

WHEREAS, the Ceding Company is engaged in the business of issuing certain life insurance policies and certain related riders;

WHEREAS, the Ceding Company and Prime Reinsurance Company, Inc., a special purpose financial insurance company organized under Section 6048f of Title 8 of the Vermont Statutes Annotated (“Prime Re”), have entered into the Original Agreement, pursuant to which the Ceding Company has ceded and Prime Re has reinsured, on an indemnity reinsurance basis certain liabilities with respect to the Reinsured Policies (as defined herein);

WHEREAS, the Ceding Company transferred certain assets to the Reinsurance Trust Accounts on behalf of Prime Re as initial consideration for the reinsurance provided hereunder;

WHEREAS, Prime Re has assigned and transferred, by novation, the Original Agreement to the Reinsurer with the effect that the Reinsurer has succeeded to all rights, obligations, duties and liabilities of Prime Re under the Original Agreement, whenever arising, and the Reinsurer has accepted such assignment, transfer and novation (the “Novation”) pursuant to a Novation Agreement between the Ceding Company, the Reinsurer and Prime Re (the “Novation Agreement”); and

WHEREAS, in connection with the Novation, the Ceding Company and the Reinsurer have agreed to amend and restate the Original Agreement in the form of this Agreement.

NOW THEREFORE, in consideration of the mutual and several promises and undertakings herein contained, and for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Ceding Company and the Reinsurer (individually, a “Party” and collectively, the “Parties”), hereby agree as follows:

ARTICLE I

DEFINITIONS

Section 1.1Definitions. The following terms, when used in this Agreement, shall have the meanings set forth in this Article I.

(a)“Administrative Practices” shall have the meaning specified in Section 17.2(a).

(b)“Affiliate” means, with respect to a Party, any entity that controls, is controlled by or is under common control with such Party.

(c)“Agreement” shall have the meaning specified in the Preamble.

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(d)“Applicable Law” means any domestic or foreign, federal, state or local statute, law, ordinance or code, or any written rules, regulations or administrative interpretations issued by any Governmental Authority pursuant to any of the foregoing, in each case applicable to any Party, and any order, writ, injunction, directive, judgment or decree of a court of competent jurisdiction applicable to the Parties.

(e)“Approval Period” means forty-five (45) calendar days, and any forty-five (45) day extension thereof as consented to by the Ceding Company, which consent shall not be unreasonably withheld, conditioned or delayed; provided, however, the Ceding Company shall not be required to consent to extend the Approval Period beyond an additional forty-five (45) days, for a total of ninety (90) days.

(f)“Business Day” means any day other than a day on which banks in Zurich, Switzerland, the State of Vermont, the State of Missouri or the Commonwealth of Massachusetts are permitted or required to be closed.

(g)“Capital Maintenance Agreement” means the Capital Maintenance Agreement, dated as of March 31, 2016, by and between Swiss Reinsurance Company Ltd and the Reinsurer.

(h)“Capital Maintenance Failure” shall have the meaning specified in Section 11.1(e).

(i)“Ceding Company” shall have the meaning specified in the Preamble.

(j)“Change of Control” shall have the meaning specified in Section 21.11.

(k)“Claims” means any and all claims, requests, demands or notices made under a Reinsured Policy for payment of benefits or other obligations, including death benefits, waived premiums, returned premium or any other payments alleged to be due in accordance with the terms and conditions of such Reinsured Policy.

(l)“Code” shall have the meaning specified in Section 5.3.

(m)“Collateralized Stop Loss Reinsurance Agreement” means the Collateralized Stop Loss Reinsurance Agreement, dated as of March 31, 2016, by and between Prime Re and the Reinsurer.

(n)“Commissioner” means the Commissioner of Insurance of the State of Vermont.

(o)“Commissions” means the contractual amounts earned by and the bonuses paid to the Ceding Company's sales representatives in connection with the Reinsured Policies on and after the Effective Date.

(p)“Commutation Payment” shall have the meaning specified in Section 11.5.

(q)“Confidential Information” shall have the meaning specified in Section 21.11.

(r)“Conversion” means the issuance by the Ceding Company of a new Coverage in replacement of a Coverage under a Reinsured Policy pursuant to an option granted under the terms of such Reinsured Policy; provided, however, in no event shall Conversions include any Renewal.

(s)“Coverage” means, with respect to any Policy, one or more life insurance coverages issued by the Ceding Company.  A single Policy may have multiple Coverages issued to multiple individuals and such multiple Coverages, in turn, may have different Original Initial Level Premium Periods, all within a single Policy.

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(t)“Covered Liabilities” means all liabilities incurred by the Ceding Company under the express terms of the Reinsured Policies (including End of Term Renewals) and all Reinsured ECOs; provided, however, in no event shall Covered Liabilities include any Excluded Liabilities.

(u)“DAC Tax Election” shall have the meaning specified in Section 5.3.

(v)“Direct Premiums” means all premiums actually received from the Policyholders attributable to the Reinsured Policies from and after the Effective Date and waived premiums on such Policies.

(w)“Effective Date” means January 1, 2010.

(x)“Eligible Assets” means cash in United States dollars, certificates of deposit issued by a United States bank and payable in United States dollars, and investments permitted by M.G.L. c. 175 or any combination of the above, provided investments in or issued by an entity controlling, controlled by or under common control with either the Ceding Company or the Reinsurer shall not exceed 5% of total investments.  Commercial paper and other obligations of institutions must be issued by a corporation (other than the Ceding Company, Prime Re or the Reinsurer, or any Affiliate of any of them) which is organized and existing under the laws of the United States of America, unless otherwise allowed by M.G.L. c. 175.  The Eligible Assets are further subject to and limited by, the investment guidelines set forth in the Reinsurance Trust Agreement.

(y)“End of Term Conversion” means, with respect to a Coverage under a Reinsured Policy, a Conversion that occurs (i) at any time during the two year period ending on the last day of the Original Initial Level Premium Period of a Coverage or (ii) after the last day of such period.

(z)“End of Term Renewal” means with respect to any Coverage, a Renewal thereof that occurs at the end of the Original Initial Level Premium Period in respect of such Coverage.

(aa)“Excess of Loss Reinsurance Agreement” means the Excess of Loss Reinsurance Agreement, dated as of March 31, 2016, by and between Prime Re and the Reinsurer.

(bb)“Excess Withdrawal Amount” shall have the meaning specified in Section 15.6.

(cc)“Excluded Liabilities” shall have the meaning specified in Section 2.2.

(dd)“Existing Practice” shall have the meaning specified in Section 17.2(a).

(ee)“Expense Allowance” means an annualized per base policy expense allowance equal to the Reinsurer's Quota Share multiplied by $42.50 for each Reinsured Policy payable on a monthly basis, which amount shall be increased (i) by 3% on the first anniversary date of the Effective Date and (ii) thereafter, by a compounded rate equal to the percentage increase, if any, in the employment cost index published by the United States Bureau of Labor Statistics at http://www.bls.gov on each subsequent anniversary date of the Effective Date.

(ff)“Extra-Contractual Obligations” means all liabilities, obligations and expenses not arising under the express terms and conditions of any Reinsured Policy, whether such liabilities, obligations or expenses are owing to an insured, a Governmental Authority or any other Person in connection with such Reinsured Policy, including (a) any liability for punitive, exemplary, consequential, special, treble, tort, bad faith or any other form of extra-contractual damages, (b) damages or claims in excess of the applicable policy limits of the Reinsured Policies, (c) statutory or regulatory damages, fines, penalties, forfeitures and similar charges of a penal or disciplinary nature, and (d) liabilities and obligations arising out of any act, error or omission, whether or not intentional, in bad faith or otherwise, including any act, error or omission relating to (i) the form, marketing, production, issuance, sale, cancellation or administration of Reinsured Policies or (ii) the failure to pay or the delay in payment of claims, benefits, disbursements or any other amounts due or alleged to be due under or in connection with Reinsured Policies (exclusive of interest on payments to Policyholders, as determined in accordance with the

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laws of the jurisdiction applicable to such Reinsured Policy).  For avoidance of doubt, any liabilities, obligations and expenses relating to any change in the Reinsured Policies arising out of or resulting from litigation, arbitration or settlements will be deemed Extra-Contractual Obligations.

(gg)“Fair Value” shall have the meaning specified in the Reinsurance Trust Agreement.

(hh)“Governmental Authority” means any federal, state, county, local, foreign or other governmental or public agency, instrumentality, commission, authority or self-regulatory organization, board or body.

(ii)“Indemnification Claims” shall have the meaning specified in Section 18.1.

(jj)“Initial Ceding Commission” shall have the meaning specified in the Original Agreement.

(kk)“Insurance Division” means the Massachusetts Division of Insurance.

(ll)“Interest Maintenance Reserves” means the reserves required to be established under SAP as liabilities on a life insurer's statutory financial statements applicable to all types of fixed income investments.

(mm)“Massachusetts SAP” means the statutory accounting and actuarial principles and practices prescribed or permitted by the Insurance Division for Massachusetts domestic life insurance companies.

(nn)“Milliman” shall have the meaning specified in Section 17.1(e).

(oo)“Milliman Information” shall have the meaning specified in Section 17.1(e).

(pp)“Milliman Report” means the report attached hereto as Exhibit VI.

(qq)“Monthly Account Balance Report” shall have the meaning specified in Section 8.2.

(rr)“Monthly Report” shall have the meaning specified in Section 8.1.

(ss)“Net Premium” shall have the meaning specified in Section 4.1.

(tt)“Novation” shall have the meaning specified in the Recitals.

(uu)“Novation Agreement” shall have the meaning specified in the Recitals.

(vv)“Original Agreement” shall have the meaning specified in the Preamble.

(ww)“Original Initial Level Premium Period” means, with respect to each Reinsured Policy, the period beginning with the original issue date of a Coverage and ending with the first premium increase date identified within such Reinsured Policy on which premiums for such Coverage will increase without a corresponding increase in the terms or limits of such Coverage.

(xx)“Parties” shall have the meaning specified in the Recitals.

(yy)“Pecan-Funded Reserves Trust Account” shall have the meaning specified in Section 15.1.

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(zz)“Pecan-Funded Reserves Trust Account Required Balance” means, as of any date, the amount equal to the difference between (i) Reinsurer's Quota Share of the Statutory Reserves with respect to the Reinsured Policies and (ii) the Stop Loss Assets Amount.

(aaa)“Pecan-Funded Security Balance” means, as of the last day of each calendar quarter, the aggregate Fair Value as of such date of the Eligible Assets maintained in the Pecan-Funded Reserves Trust Account.

(bbb)“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity.

(ccc)“Policies” means term life insurance base policies and riders thereto issued by the Ceding Company.

(ddd)“Policyholders” means the owners or holders of one or more of the Reinsured Policies.

(eee)“Premium Taxes” means any taxes imposed on premiums relating to the Reinsured Policies.

(fff)“Prime-Funded Reserves Trust Account” shall have the meaning specified in Section 15.1.

(ggg)“Prime-Funded Reserves Trust Account Required Balance” means, as of any date, the amount equal to the Stop Loss Assets Amount.

(hhh)“Prime-Funded Security Balance” means, as of the last day of each calendar quarter, the aggregate Fair Value as of such date of the Eligible Assets maintained in the Prime-Funded Reserves Trust Account.

(iii)“Prime Rate” means, as of any day, a fluctuating interest rate per annum equal to the average (rounded upward to the nearest 1/16 of 1%) of the “prime” rate of interest announced publicly by Bank of America, N.T. & S.A., The Chase Manhattan Bank, N.A., Citibank N.A. and Morgan Guaranty Trust Company of New York.  If any of these banks does not publicly announce a prime rate, the Ceding Company and the Reinsurer (or its designee) shall jointly select another bank that publicly announces a prime rate and the prime rate publicly announced by that bank shall be used.

(jjj)“Prime Re” shall have the meaning specified in the Recitals.

(kkk)“Primerica” means Primerica, Inc., a Delaware corporation.

(lll)“Recapture Fee” shall have the meaning specified in Section 11.3.

(mmm)“Recapture Notice” shall have the meaning specified in Section 11.2.

(nnn)“Reinstatement” shall have the meaning specified in Section 7.1.

(ooo)“Reinsurance Credit Notice” shall have the meaning specified in Section 11.1(b).

(ppp)“Reinsurance Trust Accounts” shall have the meaning specified in Section 15.1.

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(qqq)“Reinsurance Trust Agreement” means the Amended and Restated 80% Coinsurance Trust Agreement, dated as of March 31, 2016, by and among the Ceding Company, the Reinsurer and The Bank of New York Mellon, as amended, supplemented, novated or otherwise modified from time to time, and at any time.

(rrr)“Reinsured ECOs” means (i) Extra-Contractual Obligations paid by the Ceding Company to a single (or joint) policyholder or beneficiary in the ordinary course of business, consistent with prudent business practices and (ii) Extra-Contractual Obligations arising in circumstances where the Reinsurer is an active party and directs or consents to the act, omission or course of conduct occurring after the date hereof that resulted in such Extra-Contractual Obligation; provided, however, that Reinsured ECOs shall not include any liabilities: (x) relating to class actions of any kind; (y) relating to sales, marketing or distribution practices of the Ceding Company or its sales representatives directed or applied to any specific class of policyholders as indicated on the underwriting records of the Ceding Company; or (z) relating to or based on violations of, or noncompliance with, Applicable Law by the Ceding Company.  Notwithstanding the foregoing, the term “Reinsured ECOs” shall not include any punitive, exemplary, consequential, special, treble, tort, bad faith or any other form of extra-contractual damages to the extent not permitted to be insured or reinsured under applicable law.

(sss)“Reinsured Policies” means Policies issued (i) on the policy forms identified in Exhibit I and riders thereto in force as of 11:59 p.m. (EST) on December 18, 2009 and (ii) as a result of any Conversions thereto, but not including any End of Term Conversions arising from Coverages with an Original Initial Level Premium Period ending on or after January 1, 2017.

(ttt)“Reinsurer” shall have the meaning specified in the Preamble.

(uuu)“Reinsurer's Quota Share” means eighty percent (80%) or such other percentage as modified to reflect a partial recapture of the Reinsurer's Quota Share of the Reinsured Policies pursuant to the terms and conditions specified in Section 2.1 and Article XI.

(vvv)“Renewal” means the continuation of Coverage under a Reinsured Policy after the end of the Original Initial Level Premium Period of such Coverage in accordance with the terms of such Reinsured Policy.

(www)“Renewal Recapture Right” shall have the meaning specified in Section 11.4.

(xxx)“Representatives” shall have the meaning specified in Section 12.1.

(yyy)“Required Balance” means, as of any date, the amount equal to the Reinsurer's Quota Share of the Statutory Reserves with respect to the Reinsured Policies.

(zzz)“Restatement Date” shall have the meaning specified in the Preamble.

(aaaa)“Retained Asset Account” means the Primerica Estate Account identified in the financial statements of the Ceding Company, reflecting death benefit proceeds retained by the Ceding Company on behalf of beneficiaries and available to such beneficiaries on demand.

(bbbb)“SAP” means statutory accounting principles.

(cccc)“Security Balance” means, as of the last day of each calendar quarter following the date hereof, the aggregate Fair Value as of such date of the Eligible Assets maintained in the Reinsurance Trust Accounts.

(dddd)“Statutory Financial Statement Credit” means credit for reinsurance permitted by the Massachusetts General Laws on the Ceding Company's statutory financial statements filed in the Commonwealth of Massachusetts with respect to the Reinsured Policies.

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(eeee)“Statutory Reserves” means, as of any date, all reserves set forth on Schedule A as of such date corresponding to liabilities of a type or kind identified as Covered Liabilities, related to the Reinsured Policies, such amount as determined by the Ceding Company in accordance with the methodologies used by the Ceding Company to calculate such amounts for purposes of its statutory financial statements prepared in accordance with Massachusetts SAP and generally consistent with past practices as of all dates without giving effect to this Agreement.

(ffff)“Stop Loss Assets Amount” means, in respect of any calendar quarter, the amount set forth in Schedule C.

(gggg)“Then Current Practice” shall have the meaning specified in Section 17.2(a).

(hhhh)“Third Party Accountant” means an independent accounting firm which is mutually acceptable to Ceding Company and Reinsurer, or, if Ceding Company and Reinsurer cannot agree on such an accounting firm, an independent accounting firm mutually acceptable to Ceding Company's and Reinsurer's respective independent accountants.

(iiii)“Third Party Reinsurance” means reinsurance of the Reinsured Policies placed with third party reinsurers as identified and summarized in Exhibit II (as such Exhibit II may be amended from time to time, and at any time).

(jjjj)“Third Party Reinsurance Premiums” means all premiums paid by the Ceding Company on or after the Effective Date for coverage under Third Party Reinsurance, net of refunds of unearned premiums on lapse (except that the refund of unearned premiums shall only apply for premiums payable under Third Party Reinsurance on or after the Effective Date).

(kkkk)“Top-Up Notice” shall have the meaning specified in Section 8.3(b).

(llll)“Trust Assets” shall have the meaning specified in Section 15.2.

(mmmm)“Trustee” means the trustee under the Reinsurance Trust Agreement.

ARTICLE II

REINSURANCE

Section 2.1Reinsurance.  Subject to the terms and conditions of this Agreement, the Ceding Company hereby cedes on an indemnity basis to the Reinsurer, and the Reinsurer hereby accepts and agrees to reinsure on an indemnity basis, the Reinsurer's Quota Share of the Covered Liabilities, provided, however, in the event of a recapture involving a pro rata portion of the Reinsurer's Quota Share of the Reinsured Policies pursuant to Article XI hereof, the Reinsurer's Quota Share of the Covered Liabilities will be proportionately reduced.  The Reinsurer's Quota Share of Covered Liabilities shall be reduced, but not below zero, by the Reinsurer's Quota Share of Third Party Reinsurance for Covered Liabilities in accordance with the respective terms thereof, to the extent such Third Party Reinsurance is actually collected.

Section 2.2Exclusions.  Notwithstanding any provision of this Agreement to the contrary, the Reinsurer shall not be liable for any liabilities or obligations of the Ceding Company that are:

(a)liabilities relating to benefits, including, but not limited to, terminal illness benefits, other than life insurance death benefits, any related waiver of premium coverages and write-offs of terminal illness policy loan balances;

(b)any liabilities resulting from any coverage added after the Effective Date to a Reinsured Policy that is not a Conversion or Renewal or otherwise required or permitted by the terms of such Reinsured Policy in effect on the Effective Date, unless such additional coverage is required by Applicable Law or has been approved in writing in advance by the Reinsurer;

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(c)any liabilities relating to deaths occurring prior to the Effective Date;

(d)Extra-Contractual Obligations, other than Reinsured ECOs;

(e)any loss or liabilities relating to or arising from the Ceding Company's Retained Asset Account for the Reinsured Policies;

(f)any losses or liabilities arising under any End of Term Conversion occurring on or after January 1, 2017;

(g)any loss or liabilities relating to or arising from actions taken by the Ceding Company without the consent of the Reinsurer as required by Section 17.2(b) hereof;

(h)any loss or liabilities relating to or arising from claims made, or lawsuits brought, by agents of the Ceding Company; and

(i)all liabilities or obligations of any kind or nature whatsoever that do not relate to the Reinsured Policies (collectively, (a)-(i) constitute the “Excluded Liabilities”).

Section 2.3Territory.  The reinsurance provided under this Agreement shall apply to the Covered Liabilities covering lives and risks wherever resident or situated.

ARTICLE III

COMMENCEMENT OF THE REINSURER'S LIABILITY

Section 3.1Commencement of the Reinsurer's Liability.  Except as otherwise set forth in this Agreement, the Reinsurer's liability under this Agreement shall attach simultaneously with that of the Ceding Company, and all reinsurance with respect to which the Reinsurer shall be liable by virtue of this Agreement shall be subject in all respects to the same risks, terms, rates, conditions, interpretations, and to the same modifications, alterations, cancellations and receivables under Third Party Reinsurance, as the respective Reinsured Policies to which liability under this Agreement attaches, the true intent of this Agreement being that the Reinsurer shall, in every case to which liability under this Agreement attaches and always subject to the Excluded Liabilities, follow the fortunes of the Ceding Company.

ARTICLE IV

REINSURANCE PREMIUMS, ALLOWANCES AND OTHER OBLIGATIONS

Section 4.1Reinsurance Premiums.  As consideration for the reinsurance provided herein, on a monthly basis during the term of this Agreement, the Ceding Company shall pay to the Reinsurer the Reinsurer's Quota Share of Direct Premiums net of the Reinsurer's Quota Share of Third Party Reinsurance Premiums (the “Net Premium”).  The Net Premium shall be paid in accordance with Article VIII.

Section 4.2Allowances.  At each month end following the date hereof, the Reinsurer shall pay the Ceding Company the Expense Allowance calculated on the basis of the number of Reinsured Policies in force on such date.  The number of Reinsured Policies in force for each calendar month shall be determined by adding the number of Reinsured Policies in force on the last day of the prior calendar month and the number of Reinsured Policies in force on the last day of the current calendar month and dividing that total by two (2); provided, however, if there are any End of Term Renewals, the Expense Allowance for the Reinsured Policies associated with such End of Term Renewals that start after December 31, 2016 will be zero.  The Expense Allowance shall be payable in accordance with Article VIII.

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Section 4.3Other Obligations.  On a monthly basis during the term of this Agreement, the Reinsurer shall pay the Ceding Company the Reinsurer's Quota Share of the following amounts:  (i) 2.3% of premiums collected for such month in connection with the Reinsured Policies as a provision for Premium Taxes incurred by the Ceding Company; (ii) $50 for each new Conversion which results in the issuance of a Reinsured Policy (including the issuance of one or more riders to a base Policy); (iii) Commissions for each Reinsured Policy; and (iv) any out-of-pocket underwriting fees associated with Reinstatements.

Section 4.4Third Party Reinsurance.  The Ceding Company shall pay to the Reinsurer the Reinsurer's Quota Share of all ceding commissions and any Premium Tax or other expense allowances collected by the Ceding Company from the reinsurers under Third Party Reinsurance.

ARTICLE V

TAXES

Section 5.1Guaranty Fund Assessments.  Except as provided in Section 4.2, the Reinsurer shall not reimburse the Ceding Company for any guaranty fund assessments arising on account of premiums on the Reinsured Policies.

Section 5.2Premium Taxes.  The Ceding Company shall be liable for all Premium Taxes.  The Reinsurer shall pay to the Ceding Company a provision for Premium Taxes incurred in connection with premiums received under the Reinsured Policies in accordance with Section 4.3.

Section 5.3DAC Tax Election.

(a)The Ceding Company and the Reinsurer agree to the election pursuant to Treasury Regulations section 1.848-2(g)(8) (such election being referred to as the “DAC Tax Election”), whereby:

(i)the party with the net positive consideration for this Agreement for each taxable year will capitalize specified policy acquisition expenses with respect to this Agreement without regard to the general deductions limitation of section 848(c)(1) of the Internal Revenue Code of 1986, as amended (the “Code”);

(ii)the parties agree to exchange information pertaining to the amount of net consideration under this Agreement each year to ensure consistency.  If requested, the Ceding Company will provide supporting information reasonably requested by the Reinsurer.  The parties also mutually agree to exchange information otherwise required by the U.S. Internal Revenue Service. (The term “net consideration” will refer to the net consideration as defined in Treasury Regulations section 1.848-2(f)); and

(iii)this DAC Tax Election will be effective for the first taxable year in which this Agreement is effective and for all years for which this Agreement remains in effect.

(b) The Ceding Company and the Reinsurer will each attach a schedule to their respective federal income tax returns filed for the first taxable year for which this DAC Tax Election is effective.  Such schedule shall identify the Agreement as a reinsurance agreement for which the DAC Tax Election under Treasury Regulations section 1.848-2(g)(8) has been made.

(c)Each of the Ceding Company and the Reinsurer represents and warrants that it is subject to U.S. taxation under the provisions of subchapter L of Chapter 1 of the Code.

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ARTICLE VI

CLAIMS

Section 6.1Notice of Claims.  Claim amounts less than or equal to $250,000 (net of amounts recoverable under Third Party Reinsurance) will be reported by the Ceding Company to the Reinsurer on a bordereau basis, and all other Claims shall be reported, with such information as may be reasonably requested by the Reinsurer, on an individual basis, in each case in accordance with Section 8.1.

Section 6.2Settlement Authority.  The Ceding Company shall have full authority to determine liability on any Claim reinsured hereunder and may settle losses as it deems appropriate, but in so doing it shall act with the skill and diligence commonly expected from qualified personnel performing such duties for U.S. life insurance companies and consistent with the Ceding Company's Then Current Practice.

Section 6.3Claim Payments.  Following receipt by the Reinsurer of the Monthly Report setting forth the Ceding Company's payment of any Covered Liabilities reinsured hereunder, the Reinsurer shall make payment of the Reinsurer's Quota Share of the Covered Liabilities in accordance with Article VIII.

Section 6.4Misstatement of Age or Sex.  In the event of an increase or reduction in the amount of the Ceding Company's insurance on any Reinsured Policy because of an overstatement or understatement of age or misstatement of sex, established during the life, or after the death, of the insured, the Reinsurer will share in such increase or reduction in proportion to the Reinsurer's Quota Share.

ARTICLE VII

REINSTATEMENTS

Section 7.1Reinstatements. If a Reinsured Policy is reinstated in accordance with its terms and the Ceding Company's reinstatement rules as in effect on the Effective Date (a “Reinstatement”), the reinsurance of such Reinsured Policy will be restored as if no change had occurred.  In such a case, the Ceding Company shall promptly pay the Reinsurer the Reinsurer's Quota Share of the Net Premiums attributable to such Reinstatement.

ARTICLE VIII

ACCOUNTING AND RESERVES

Section 8.1Monthly Reports.  Within twenty (20) Business Days after the end of each calendar month, the Ceding Company shall deliver to the Reinsurer the following monthly reports (each a “Monthly Report”) substantially in the form set forth in Exhibit III hereto:  (i) Monthly Settlement Report; (ii) Policy Exhibit; (iii) Reserve Report; (iv) Claim Reserve Report; (v) Bordereau Report; and (vi) Non-Bordereau Claims Report.

Section 8.2Monthly Account Balance Reports.  No later than ten (10) Business Days after the end of each calendar month, the Ceding Company shall prepare and deliver to the Reinsurer a report in the form and containing the information set forth in Exhibit IV (each a “Monthly Account Balance Report”).

Section 8.3Settlements.

(a)All monthly settlements shall be effected as follows:  (i) if the Monthly Report shows that the Ceding Company owes the Reinsurer a positive amount, the Ceding Company will pay the amount owed simultaneously with the delivery to the Reinsurer of the Monthly Report and (ii) if the Monthly Report shows that the Reinsurer owes the Ceding Company a positive amount, the Reinsurer shall pay the amount owed within twenty (20) Business Days after receiving the Monthly Report, it being understood that, for purposes of this Section 8.3(a), appropriate adjustments shall be made for withdrawals and reimbursements made during the month by the Ceding Company pursuant to Sections 15.5 and 15.6.

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(b)If the Reserve Report provided to the Reinsurer for the last month of a calendar quarter shows that (i) for so long as there is a separate Prime-Funded Reserves Trust Account and Pecan-Funded Reserves Trust Account contemplated by the Reinsurance Trust Agreement (A) the Pecan-Funded Security Balance is less than the Pecan-Funded Reserves Trust Account Required Balance as of the end of the immediately preceding calendar quarter or (B) the Prime-Funded Security Balance is less than the Prime-Funded Reserves Trust Account Required Balance as of the end of the immediately preceding calendar quarter or (ii) otherwise, the Security Balance is less than the Required Balance as of the end of the immediately preceding calendar quarter, in each case the Ceding Company shall notify the Reinsurer of the amount of the deficiency (the “Top-Up Notice”).  The Top-Up Notice shall be delivered to the Reinsurer at the same time as the copy of the Monthly Report for the same calendar quarter.

(c)All settlements of account between the Ceding Company and the Reinsurer shall be made in cash or its equivalent.

Section 8.4Offset and Recoupment.  Each Party, at its option, may offset or recoup any balance or balances, whether on account of premiums, Expense Allowances, claims and losses, Excess Withdrawal Amounts from the Pecan-Funded Reserves Trust Account and interest accrued thereon or amounts otherwise due from one Party to the other under this Agreement or other agreements between the Parties, or as a result of damages awarded to either Party pursuant to litigation or otherwise, which shall be deemed mutual debts or credits, as the case may be; provided, however, that the Party electing such right with respect to matters not reflected in the Monthly Reports shall notify the other Party in writing of its election to do so.

Section 8.5Currency.  All financial data required to be provided pursuant to the terms of this Agreement shall be expressed in United States dollars.  All payments and all settlements of account between the Parties shall be in United States currency unless otherwise agreed by the Parties.

ARTICLE IX

EXPENSES IN CONNECTION WITH THE REINSURED POLICIES

Section 9.1Expenses in Connection with the Reinsured Policies.  The Ceding Company shall pay for all expenses and charges incurred in connection with the Reinsured Policies including medical examinations, inspection fees, and other fees.  Except as provided in Section 4.2 and Section 4.3, such amounts shall not be reimbursed by the Reinsurer.

ARTICLE X

ERRORS AND OMISSIONS

Section 10.1Errors and Omissions.  Subject to the terms of this Agreement, neither Party hereto shall be prejudiced in any way by inadvertent errors or omissions made by such Party in connection with this Agreement provided such errors and omissions are corrected promptly following discovery thereof.  Upon the discovery of an inadvertent error or omission by either Party hereto, appropriate adjustments shall be made as soon as practicable to restore the Parties to the fullest extent possible to the position they would have been in had no such inadvertent error or omission occurred.

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ARTICLE XI

RECAPTURE

Section 11.1Recapture.  The Ceding Company may in accordance with the provisions of this Article XI recapture, in its sole discretion, all or a pro rata portion of all of the Reinsurer's Quota Share of the Reinsured Policies upon the occurrence of one of the following events:

(a)If the Reinsurer becomes insolvent or if the Commissioner has instituted a proceeding or entered a decree or order for the appointment of a rehabilitator or liquidator;

(b)If the Reinsurer fails to take steps reasonably satisfactory to the Ceding Company to assure the Ceding Company of full Statutory Financial Statement Credit for the Reinsured Policies within forty-five (45) calendar days of Reinsurer's receipt of written notice from the Ceding Company (a “Reinsurance Credit Notice”) that the Ceding Company has been advised by any Governmental Authority that the Governmental Authority will deny or has denied Statutory Financial Statement Credit on any financial statement filed by the Ceding Company with such Governmental Authority;

(c)If the Reinsurer is in material breach of any other representation, warranty or covenant under this Agreement and the Reinsurer fails to cure any such material breach of any representation, warranty or covenant hereunder within sixty (60) calendar days of receipt of written notice of such breach by the Reinsurer, unless such breach constitutes a Capital Maintenance Failure, in which case the provision in Section 11.1(e) shall apply and this provision shall not apply;

(d)If the Reinsurer fails in any material respects to fund, or cause to be funded, either of the Reinsurance Trust Accounts to the amount required after receipt of the Top-Up Notice under Section 15.3(d) within the time period specified therein, and the Reinsurer fails to cure any such funding deficiency within twenty (20) Business Days of receipt of written notice of such funding deficiency by the Reinsurer and the Security Balance is less than the Required Balance; or

(e)If there is a Capital Maintenance Failure under the Capital Maintenance Agreement.  For purposes of this Section 11.1(e), a “Capital Maintenance Failure” occurs at the end of any Approval Period when (i) the Reinsurer's Total Adjusted Capital is less than the Capital Threshold (as such terms are defined in the Capital Maintenance Agreement) and (ii) the Reinsurer fails to obtain a payment from the Obligor (as defined in the Capital Maintenance Agreement) in the amount of the deficiency within the Approval Period beginning on the date a demand is made by or on behalf of the Reinsurer for such payment in accordance with Section 2(a) of the Capital Maintenance Agreement.  The Reinsurer shall reimburse the Ceding Company for actual reasonable expenses incurred by the Ceding Company pursuant to this Section 11.1(e).

Section 11.2Notice of Recapture.  The Ceding Company shall notify the Reinsurer in writing of the reasons for, and the effective date of, the recapture ninety (90) calendar days prior to the effective date of recapture (the “Recapture Notice”); provided, however, that the recapture shall not be deemed to be consummated until the final accounting described in Section 11.4 of this Article XI has been completed and the Reinsurer has paid the Commutation Payment, if any.

Section 11.3Recapture Fee.  The Ceding Company shall pay a recapture fee (the “Recapture Fee”) to the Reinsurer upon the occurrence of any recapture of the Reinsured Policies pursuant to Section 11.1(b) if such recapture was triggered by the inability of the Ceding Company to obtain full Statutory Financial Statement Credit for the Reinsured Policies due to actions taken by the Ceding Company or its Affiliates; provided, however, that if the Reinsurer is in material breach of any representation, warranty or covenant under this Agreement at the time a recapture is triggered under Section 11.1(b), no Recapture Fee will be due and payable by the Ceding Company.  The Recapture Fee shall be equal to an amount to be determined by an actuarial appraisal prepared by a nationally recognized independent actuarial firm in accordance with methodologies agreed upon by the Ceding Company and Reinsurer to determine the value of the Reinsured Policies at such time in a manner consistent with the valuation of the Reinsured Policies as set forth in the Milliman Report and consistent with the determination of the Initial Ceding Commission based on such valuation.

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Section 11.4Renewal Recapture.  The Ceding Company shall also have the right, upon prior written notice to the Reinsurer, to recapture, in its sole discretion, all or a pro rata portion of End of Term Renewals arising from Policies with an Original Initial Level Premium Period ending on or after January 1, 2017 (the “Renewal Recapture Right”).  No Recapture Fee is payable in connection with the recapture of any End of Term Renewal.

Section 11.5Commutation Accounting and Settlement.  In the event of any recapture under this Article XI or termination under Section 21.8, the Reinsurer shall pay to the Ceding Company an amount equal to (i) the Reinsurer's Quota Share of the Statutory Reserves, Interest Maintenance Reserves (but only to the extent the Ceding Company's Interest Maintenance Reserves are increased) and advance premiums, if applicable, attributable to the Reinsured Policies being recaptured, in each case, calculated as of the effective date of the recapture set forth in the Recapture Notice; minus (ii) any amounts due to the Reinsurer but unpaid under this Agreement, including the Recapture Fee, if any, and net deferred premiums; plus (iii) any amounts due to the Ceding Company but unpaid under this Agreement (collectively, the “Commutation Payment”); provided, however, that, if the amount calculated pursuant to clause (ii) of this subsection exceeds the amounts calculated pursuant to clauses (i) and (iii) of this subsection, the Ceding Company shall pay to the Reinsurer the amount of such excess.  Following recapture and payment to the appropriate Party of the net Commutation Payment required hereunder, neither Party shall have further liability to the other Party hereunder with respect to the recaptured business.

Section 11.6Limitation on Partial Recaptures.  Notwithstanding the provisions of Section 11.1, the Ceding Company shall not be permitted to effect a partial recapture pursuant to Section 11.1 if, after giving effect to the recapture, the Statutory Reserves would be less than U.S. $100,000,000.

ARTICLE XII

ACCESS TO BOOKS AND RECORDS

Section 12.1Access to Books and Records.

(a)The Ceding Company shall, upon reasonable notice, provide to the Reinsurer, and the counsel, financial advisors, accountants, actuaries and other representatives of the Reinsurer (the “Representatives”) access, at the Reinsurer's sole cost and expense, to review, inspect, examine and reproduce the Ceding Company's books, records, accounts, policies, practices and procedures, including underwriting policy, claims administration guidelines and sales and Conversion practices, relating to the Reinsured Policies, including any audits and self assessments conducted by the Ceding Company as well as any unaudited information provided to Primerica in connection with Primerica's public company reporting requirements, at the place such records are located, and to discuss such matters with the employees, external auditors and external actuaries of the Ceding Company that are knowledgeable about such records, without undue disruption of the normal operations of the Ceding Company.

(b)The Reinsurer and its Representatives shall have the right, at its sole cost and expense, to conduct audits from time to time, upon reasonable notice to the Ceding Company, of the relevant books, records, accounts, policies, practices and procedures, including underwriting policy, claims administration guidelines and sales and Conversion practices of the Ceding Company relating to the Reinsured Policies.

(c)The Reinsurer shall reimburse the Ceding Company for any reasonable out-of-pocket costs that the Ceding Company incurs in providing assistance to the Reinsurer and its Representatives in connection with this Section 12.1.

(d)The Ceding Company shall use its reasonable best efforts to assist and cooperate with the Reinsurer, and its Representatives in providing access to the relevant in force files, experience data, books, records and accounts of the Ceding Company relating to the Reinsured Policies.

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ARTICLE XIII

INSOLVENCY

Section 13.1Insolvency.  In the event of the insolvency of the Ceding Company, payments due the Ceding Company on all reinsurance made, ceded, renewed or otherwise becoming effective under this Agreement shall be payable by the Reinsurer on the basis of claims filed and allowed in the liquidation proceeding under the Reinsured Policies without diminution because of the insolvency of the Ceding Company, either directly to the Ceding Company or to its domiciliary liquidator or receiver, except where the Reinsurer, with the consent of the Policyholder and in conformity with Applicable Law, has assumed the Ceding Company's obligations as direct obligations of the Reinsurer to the payees under the Reinsured Policies and in substitution for the obligations of the Ceding Company to the payees.  It is understood, however, that in the event of the insolvency of the Ceding Company, the liquidator or receiver or statutory successor of the Ceding Company shall give written notice to the Reinsurer of any impending Claim against the Ceding Company on a Reinsured Policy within a reasonable period of time after such Claim is filed in the insolvency proceedings and that during the pendency of such Claim the Reinsurer may, at its own expense, investigate such Claim and interpose, in the proceeding where such Claim is to be adjudicated any defense or defenses which it may deem available to the Ceding Company or its liquidator or receiver or statutory successor.  It is further understood that the expense thus incurred by the Reinsurer shall be chargeable, subject to court approval, against the Ceding Company as part of the expense of liquidation to the extent of a proportionate share of the benefit which may accrue to the Ceding Company solely as a result of the defense undertaken by the Reinsurer.

ARTICLE XIV

DISPUTE RESOLUTION

Section 14.1Consent to Jurisdiction.  Each of the parties hereto irrevocably and unconditionally submits to the exclusive jurisdiction of the United States District Court for the District of Massachusetts or, if such court does not have jurisdiction, the appropriate district court of the Commonwealth of Massachusetts, for the purposes of enforcing this Agreement.  The parties shall take such actions as are within their control to cause any disputes as described in the preceding sentence to be assigned to the complex litigation docket of the applicable court.  In any action, suit or other proceeding, each of the parties hereto irrevocably and unconditionally waives and agrees not to assert by way of motion, as a defense or otherwise any claims that it is not subject to the jurisdiction of the above courts, that such action or suit is brought in an inconvenient forum or that the venue of such action, suit or other proceeding is improper.  Each of the parties hereto also agrees that any final and unappealable judgment against a party hereto in connection with any action, suit or other proceeding as contemplated in this Article XIV shall be conclusive and binding on such party and that such award or judgment may be enforced in any court of competent jurisdiction, either within or outside of the United States.  A certified or exemplified copy of such award or judgment shall be conclusive evidence of the fact and amount of such award or judgment.

Section 14.2Waiver of Jury Trial.  Each of the parties hereto irrevocably waives any and all right to trial by jury in any legal proceeding arising out of or related to this Agreement or the transactions contemplated hereby.

Section 14.3Specific Performance.  The parties recognize and agree that if for any reason any of the provisions of this Agreement are not performed in accordance with their specific terms or are otherwise breached, immediate and irreparable harm or injury would be caused for which money damages would not be an adequate remedy.  Accordingly, each party agrees that, in addition to any other available remedies each other party shall be entitled to an injunction restraining any violation or threatened violation of any of the provisions of this Agreement without the necessity of posting a bond or other form of security.  In the event that any action should be brought in equity to enforce any of the provisions of this Agreement, no party will allege, and each party hereby waives the defense, that there is an adequate remedy at law.

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ARTICLE XV

REINSURANCE TRUST ACCOUNT

Section 15.1Reinsurance Trust Agreement.  Prior to the Restatement Date, Prime Re, as grantor, created (i) a trust account to support the Pecan-Funded Reserves (the “Pecan-Funded Reserves Trust Account”) and (ii) a trust account to support the Prime-Funded Reserves (the “Prime-Funded Reserves Trust Account,” and together with the Pecan-Funded Reserves Trust Account, the “Reinsurance Trust Accounts”) and has named the Ceding Company as sole beneficiary of each Reinsurance Trust Account.  On the Restatement Date, the Reinsurer assumed through novation Prime Re's position, as grantor, under the Pecan-Funded Reserves Trust Account and the Prime-Funded Reserves Trust Account.

Section 15.2Investment and Valuation of Trust Assets.  The assets held in the Reinsurance Trust Accounts (the “Trust Assets”) shall consist of Eligible Assets.

Section 15.3Adjustment of Trust Assets and Withdrawals.

(a)The amount of assets to be maintained in each of the Reinsurance Trust Accounts shall be adjusted following the end of each calendar quarter in accordance with the Reserve Report for the last calendar month of each calendar quarter provided to the Reinsurer pursuant to the terms of Section 8.1.  Such report shall set forth (i) the amount by which the Pecan-Funded Security Balance equals or exceeds the Pecan-Funded Reserves Trust Account Required Balance, (ii) the amount by which the Prime-Funded Security Balance equals or exceeds the Prime-Funded Reserves Trust Account Required Balance and (iii) the amount by which the Security Balance equals or exceeds the Required Balance, in each case as of the end of the immediately preceding calendar quarter.

(b)If the Pecan-Funded Security Balance exceeds 102% of the Pecan-Funded Reserves Trust Account Required Balance, in each case as of the end of the immediately preceding calendar quarter, then the Reinsurer shall have the right to seek approval (which shall not be unreasonably or arbitrarily withheld, conditioned or delayed) from the Ceding Company to withdraw the excess from the Pecan-Funded Reserves Trust Account; provided, however, that the Reinsurer may not withdraw any amounts from the Pecan-Funded Reserves Trust Account unless the Prime-Funded Reserves Trust Account contains at least 102% of the Prime-Funded Reserves Trust Required Balance.

(c)If the Prime-Funded Security Balance exceeds 102% of the Prime-Funded Reserves Trust Account Required Balance, in each case as of the end of the immediately preceding calendar quarter, then the Reinsurer shall have the right to seek approval (which shall not be unreasonably or arbitrarily withheld, conditioned or delayed) from the Ceding Company to withdraw the excess from the Prime-Funded Reserves Trust Account; provided, however, that the Reinsurer may not withdraw any amounts from the Prime-Funded Reserves Trust Account unless the Pecan-Funded Reserves Trust Account contains at least 102% of the Pecan-Funded Reserves Trust Required Balance.

(d)For so long as there is a separate Prime-Funded Reserves Trust Account and Pecan-Funded Reserves Trust Account, the Reinsurer shall, no later than twenty (20) Business Days following receipt of a Top-Up Notice delivered in accordance with Section 8.3(b) (i) regarding the Pecan-Funded Security Balance, deposit, or cause to be deposited, additional Trust Assets into the Pecan-Funded Reserves Trust Account so that the Pecan-Funded Security Balance, as of the date such additional Trust Assets are so deposited, is no less than the Pecan-Funded Reserves Trust Account Required Balance as of the end of the immediately preceding calendar quarter and (ii) regarding the Prime-Funded Security Balance, deposit, or cause to be deposited, additional Trust Assets into the Prime-Funded Reserves Trust Account so that the Prime-Funded Security Balance, as of the date such additional Trust Assets are so deposited, is no less than the Prime-Funded Reserves Trust Account Required Balance as of the end of the immediately preceding calendar quarter.  Without limiting or duplicating the Reinsurer's obligations pursuant to the immediately preceding sentence, irrespective of whether there is a separate Prime-Funded Reserves Trust Account and Pecan-Funded Reserves Trust Account, the Reinsurer shall, no later than twenty (20) Business Days following receipt of a Top-Up Notice delivered in accordance with Section 8.3(b) regarding the Security Balance, deposit, or cause to be deposited, additional Trust Assets into the Reinsurance Trust

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Accounts or, as applicable, any successor reinsurance trust account created pursuant and subject to the Reinsurance Trust Agreement, so that the Security Balance, as of the date such additional Trust Assets are so deposited, is no less than the Required Balance as of the end of the immediately preceding calendar quarter.

Section 15.4Negotiability of Trust Assets.  Prior to depositing Trust Assets with the Trustee, the Reinsurer or such other Person depositing Trust Assets shall execute all assignments or endorsements in blank, or transfer legal title to the Trustee of all shares, obligations or any other assets requiring assignments, in order that the Ceding Company, or the Trustee upon direction of the Ceding Company, may whenever necessary negotiate any such assets without consent or signature from the Reinsurer or any other entity.

Section 15.5Ceding Company's Withdrawals.  The Ceding Company (or any successor by operation of law of the Ceding Company, including, but not limited to, any liquidator, rehabilitator, receiver or conservator of the Ceding Company) may only withdraw Trust Assets for one or more of the following purposes, without diminution because of insolvency on the part of the Ceding Company or the Reinsurer:

(a)to pay, or reimburse the Ceding Company for payment of, the Reinsurer's Quota Share of premiums to be returned, but not yet recovered from the Reinsurer, to Policyholders because of cancellations of Reinsured Policies;

(b)to pay, or reimburse the Ceding Company for payment of, the Reinsurer's Quota Share of Covered Liabilities payable pursuant to the provisions of the Reinsured Policies, but not yet recovered from the Reinsurer;

(c)to pay to the Ceding Company any Commutation Payment due the Ceding Company but not yet paid by the Reinsurer;

(d)in the event that the Ceding Company has received notification from the Reinsurer or Trustee of termination of the Reinsurance Trust Accounts and where the Reinsurer's Quota Share of obligations under this Agreement remain unliquidated and undischarged ten (10) days prior to the scheduled termination date, the Ceding Company may withdraw all the assets in the Reinsurance Trust Accounts and deposit such amounts, in the name of the Ceding Company, in any United States bank or trust account, apart from its general assets, in trust for such uses and purposes specified in (a) and (b) above as may remain executory after such withdrawal and for any period after such termination date; or

(e)to pay to the Reinsurer or its designated payee amounts held in the Reinsurance Trust Accounts in excess of the amount necessary to secure the credit or reduction from liability for reinsurance taken by the  Ceding Company.

Any assets deposited into an account of the Ceding Company pursuant to clause (d) of this Section 15.5 or withdrawn by the Ceding Company pursuant to clause (e) of this Section 15.5 and any interest or other earnings thereon shall be held by the Ceding Company in trust and separate and apart from any assets of the Ceding Company, for the sole purpose of funding the payments and reimbursements described in clauses (a) through (e), inclusive, of this Section 15.5.

Section 15.6Return of Excess Withdrawals.  The Ceding Company shall return to the Reinsurer, within five (5) Business Days, assets withdrawn in excess of all amounts due under Sections 15.5(a), (b) and (e), or, in the case of Section 15.5(d) above, assets that are subsequently determined not to be due (the Fair Value of any such withdrawn assets at the time of withdrawal, the “Excess Withdrawal Amount”).  Any assets subsequently returned in the case of Section 15.5(d) shall include interest at the Prime Rate applied on a daily basis for the amounts returned.  Any such Excess Withdrawal Amount from a Reinsurance Trust Account and any interest accrued thereon in accordance with the preceding sentence shall be deemed to be an amount due to the Reinsurer and subject to Section 8.4.

Section 15.7Costs of Trust.  The cost of maintaining the Reinsurance Trust Accounts shall be borne by the Reinsurer.

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ARTICLE XVI

THIRD PARTY BENEFICIARY

Section 16.1Third Party Beneficiary.  Nothing in this Agreement or the Reinsurance Trust Agreement is intended to give any person, other than the parties to such agreements, their successors and permitted assigns, any legal or equitable right remedy or claim under or in respect of this Agreement or the Reinsurance Trust Agreement or any provision contained therein.

ARTICLE XVII

REPRESENTATIONS, WARRANTIES AND COVENANTS

Section 17.1Representations and Warranties of the Ceding Company.

(a)Organization, Standing and Authority of the Ceding Company.  The Ceding Company is a life insurance company duly organized, validly existing and in good standing under the laws of the Commonwealth of Massachusetts, and has all requisite corporate power and authority to carry on the operations of its business as they are now being conducted.  The Ceding Company has obtained all authorizations and approvals required under Applicable Law to enter into and perform the obligations contemplated of the Ceding Company under this Agreement.

(b)Authorization.  The Ceding Company has all requisite corporate power and authority to enter into this Agreement and to perform its obligations hereunder.  The execution and delivery by the Ceding Company of this Agreement, and the performance by the Ceding Company of its obligations under this Agreement, have been duly authorized by all necessary corporate action and do not require any further authorization, action or consent of the Ceding Company.  This Agreement, when duly executed and delivered by the Ceding Company, subject to the due execution and delivery by the Reinsurer, will be a valid and binding obligation of the Ceding Company, enforceable against the Ceding Company in accordance with its terms, in each case subject to bankruptcy, insolvency, reorganization, moratorium and similar laws of general application relating to or affecting enforcement of creditors' rights and to general equity principles.

(c)No Conflict or Violation.  Except as set forth in Schedule B, the execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby in accordance with the respective terms and conditions hereof will not (a) violate any provision of the Articles of Incorporation or Bylaws of the Ceding Company, (b) violate, conflict with or result in the breach of any of the terms of, result in any modification of, give any counterparty the right to terminate, or constitute a default under, any contract or other agreement to which the Ceding Company is a party, or (c) violate any order, judgment, injunction, award or decree of any court, arbitrator or Governmental Authority against, or binding upon, or any agreement with, or condition imposed by, any Governmental Authority, foreign or domestic, binding upon the Ceding Company.

(d)Absence of Litigation.  There is no action, suit, proceeding or investigation pending or threatened that questions the legality of the transactions contemplated by this Agreement or that would prevent consummation of the transactions contemplated by this Agreement or the performance by the Ceding Company of its obligations hereunder.

(e)Milliman Information True and Complete.

(i)To the best of the Ceding Company's knowledge, all information and data supplied to Milliman Inc. (“Milliman”) identified on Exhibit V-A hereto (the “Milliman Information”) was true, accurate and complete in all material respects as of the date the document containing such Milliman Information was provided to Milliman by the Ceding Company; provided, however, the Parties acknowledge that no representation or warranty has been made to the Reinsurer or any of its Affiliates or Representatives with respect to the truth, accuracy and completeness of any assumptions, projections, or estimates either provided by the Ceding Company or underlying any of the studies prepared

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by the Ceding Company in connection with the Milliman Information except that the Ceding Company represents and warrants that such assumptions, projections or estimates were the ones actually utilized by the Ceding Company for the purposes stated in Exhibit V.  The Milliman Information was complied in a commercially reasonable manner given the intended purpose.

(ii)The financial data supplied to Milliman identified on Exhibit V-B hereto presents fairly, in all material respects, the financial condition and results of operations of the Ceding Company as of and for the periods specified therein in accordance with Massachusetts SAP, consistently applied.

(f)Coverage Information.  The Reinsured Policies information identified in Exhibit I is true, accurate and complete in all material respects.

(g)Regulatory Filings.  The Ceding Company has filed the appropriate regulatory filings to increase guaranteed premium provisions in Policies or coverages that may be issued upon the occurrence of a Conversion with each applicable state insurance regulator prior to the Effective Date and has received all required approvals or non-disapprovals from each such insurance regulator.

Section 17.2Covenants of the Ceding Company.

(a)Administration and Claims Practices.

(i)In the administration and claims practices relating to the Reinsured Policies (the “Administrative Practices”), the Ceding Company shall (A) use the skill and diligence commonly expected from qualified personnel performing such duties for U.S. life insurance companies; (B) act in accordance with the Ceding Company's internal company guidelines as in effect on January 1, 2016; (C) be in conformance with Applicable Law in all material respects; and (D) act in a manner consistent with its existing administrative and claims practices in effect on January 1, 2016 and in any case with no less skill, diligence and expertise as the Ceding Company applies to servicing its other business, including those claims practices in existence for Third Party Reinsurance (each, an “Existing Practice”); notwithstanding the foregoing, the Ceding Company shall not be in breach of this Section 17.2(a)(i) unless either (Y) the Reinsurer shall have notified the Ceding Company in writing of the Ceding Company's failure to perform its obligations under this Section 17.2(a)(i) (which written notice shall describe such failure with reasonable particularity) or (Z) an officer of the Ceding Company with direct responsibility for its administrative services, or any senior officer of the Ceding Company, has actual knowledge that the Ceding Company has failed to perform its obligations under this Section 17.2(a)(i), and in either case the Ceding Company shall have failed to cure such breach within thirty (30) days following receipt of such notice or such actual knowledge.

(ii)An Existing Practice may be reasonably modified from time to time, except that, to the extent the Ceding Company modifies an Existing Practice from time to time following January 1, 2016 (an Existing Practice, as modified from time to time, a “Then Current Practice”), the Ceding Company shall act in accordance and consistent with the Then Current Practice; provided, that, if a Then Current Practice would materially adversely affect the rights, remedies and position of the Reinsurer, the Ceding Company shall obtain the consent of the Reinsurer (which consent shall not be unreasonably withheld, conditioned or delayed) prior to applying the Then Current Practice to the Reinsured Policies.

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(b)Reinsured Policies.  In all instances as they relate to the Reinsured Policies:

(i)The Ceding Company shall not, and shall cause its Affiliates not to (A) change agent commission and compensation schedules, (B) adopt or implement any program that is expected to result in a material increase in lapses, exchanges, replacements or Conversions under the Reinsured Policies or (C) change coverage options or premiums (except as contemplated by Section 17.2(f) hereof), including coverage options for End of Term Conversions, in each case under (A), (B) and (C) without notifying the Reinsurer in advance of any such action and obtaining the Reinsurer's prior written consent (which shall not be unreasonably withheld, conditioned or delayed).

(ii)The Ceding Company and the Reinsurer shall reasonably cooperate on any proposals for pricing or coverage changes proposed by either Party, including making any rate and form filings or other regulatory filings that impact pricing or premiums under the Reinsured Policies; provided, however, the Ceding Company shall have final approval authority in its discretion over any proposal brought by the Reinsurer pursuant to this Section 17.2(b)(ii).

(iii)The Parties agree and acknowledge that the Ceding Company's relationship with the Reinsurer shall in all respects be governed by a duty of utmost good faith.  At all times during the term of this Agreement, the Ceding Company shall (i) administer, manage and oversee the Reinsured Policies and the Covered Liabilities, and (ii) perform all its obligations to the Reinsurer under this Agreement, in a manner consistent with its utmost good faith obligations.

(c)Third Party Reinsurance.

(i)The Ceding Company shall not, without the Reinsurer's prior approval (which approval shall not be unreasonably or arbitrarily withheld, conditioned or delayed), (A) terminate or materially modify any existing Third Party Reinsurance or (B) purchase new third party reinsurance for the Reinsured Policies.

(ii)The Ceding Company shall use commercially reasonable efforts to maintain its existing Third Party Reinsurance from and after the Effective Date, consistent with the existing practice of the Ceding Company in effect on the Effective Date.

(d)Reporting.  To the extent not prohibited by Applicable Law, the Ceding Company will provide all reports it is required to deliver under this Agreement (including, without limitation, each Monthly Report and Quarterly Report) not later than the last date on which such report is required to be so delivered, except that the Ceding Company shall not be in breach of this Section 17.2(d) unless either (i) the Reinsurer shall have notified the Ceding Company in writing of its failure to timely deliver such report or (ii) an officer of the Ceding Company with direct responsibility for the preparation and delivery of such report has actual knowledge that the report was not delivered when due, and in either case the Ceding Company shall have failed to deliver such information within thirty (30) days following receipt of such notice or actual knowledge.

(e)Books and Records.  The Ceding Company shall maintain and implement reasonable administrative and operating procedures with respect to records relating to the Reinsured Policies and shall keep and maintain all material documents, books, records and other information reasonably necessary for the maintenance of the Reinsured Policies, which documents, books, records and other information will be accurately maintained in all material respects throughout the term of this Agreement.

(f)Reinsurance Credit Notice.  Without limitation of the Ceding Company's rights under Article XI, and so long as no event described in Section 11.1 giving rise to a right of recapture hereunder by the Ceding Company has occurred and is continuing, following the delivery of a Reinsurance Credit Notice, the Ceding Company will, promptly upon any written request delivered by the Reinsurer within five (5) Business Days of delivery of such Reinsurance Credit Notice, discuss in good faith with the Reinsurer and consider whether to (i) make such modifications as may be needed to this Agreement and the Reinsurance Trust Agreement or (ii) enter into new agreements, in each case, as may be necessary to cure any denial of Statutory Financial Statement Credit by any insurance regulatory Governmental Authority.  For the avoidance of doubt, the foregoing shall not require the Ceding Company to take actions that would be adverse to the Ceding Company in its sole discretion.

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Section 17.3Representations and Warranties of the Reinsurer.

(a)Organization, Standing and Authority of the Reinsurer.  The Reinsurer is a special purpose financial insurance company duly organized, validly existing and in good standing under the laws of the State of Vermont and has all requisite corporate power and authority to carry on the operations of its business as they are proposed to be conducted.  The Reinsurer has obtained all authorizations and approvals required under Applicable Law to enter into and perform the obligations contemplated of the Reinsurer under this Agreement and the Reinsurer shall maintain throughout the term of this Agreement all licenses, permits or other permissions of any Governmental Authority that shall be required in order to perform the obligations of the Reinsurer hereunder.

(b)Authorization.  The Reinsurer has all requisite corporate power and authority to enter into this Agreement and to perform its obligations hereunder.  The execution and delivery by the Reinsurer of this Agreement, and the performance by the Reinsurer of its obligations under this Agreement, have been duly authorized by all necessary corporate action and do not require any further authorization, action or consent of the Reinsurer or its stockholder.  This Agreement, when duly executed and delivered by the Reinsurer, subject to the due execution and delivery by the Ceding Company, will be a valid and binding obligation of the Reinsurer, enforceable against the Reinsurer in accordance with its terms, in each case subject to bankruptcy, insolvency, reorganization, moratorium and similar laws of general application relating to or affecting enforcement of creditors' rights and to general equity principles.

(c)No Conflict or Violation.  The execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby will not (a) violate any provision of the Articles of Incorporation, Bylaws or other charter or organizational document of the Reinsurer, or (b) violate any order, judgment, injunction, award or decree of any court, arbitrator or Governmental Authority against, or binding upon, or any agreement with, or condition imposed by, any Governmental Authority, foreign or domestic, binding upon the Reinsurer, except when any such violation would not have a material adverse effect on this Agreement or the consummation of the transactions contemplated hereby.

(d)Absence of Litigation.  There is no action, suit, proceeding or investigation pending or threatened that questions the legality of the transactions contemplated by this Agreement or that would prevent consummation of the transactions contemplated by this Agreement or the performance by the Reinsurer of its obligations hereunder.

Section 17.4Covenants of the Reinsurer.

(a)The Reinsurer shall comply with all covenants that are memorialized in Section IV.C. “Other Agreements” in the Reinsurer's plan of operation as filed with the Commissioner prior to the Restatement Date.  The Reinsurer shall not amend, modify or change, or request or petition for any amendment, modification or change to such covenants without the Ceding Company's prior written consent.

(b)The Reinsurer shall not redomesticate or change its domiciliary jurisdiction without the Ceding Company's prior written consent, such consent not to be unreasonably withheld, conditioned or delayed.

(c)The Reinsurer shall not, without the prior written consent of the Massachusetts Division of Insurance, amend this Agreement (other than Schedule C) or the Reinsurance Trust Agreement.

(d)The Reinsurer shall not engage in any business, other than the business provided by or relating to this Agreement, the Collateralized Stop Loss Reinsurance Agreement, the Excess of Loss Reinsurance Agreement and as permitted by Section 21.9.  Other than the reinsurance provided hereunder, the Reinsurer shall not issue or reinsure any insurance policies.

20

ARTICLE XVIII

INDEMNIFICATION

Section 18.1Indemnification.

(a)The Ceding Company shall indemnify, defend and hold harmless the Reinsurer and its directors, officers, employees, agents, representatives, successors, permitted assigns and Affiliates from and against any and all losses, liabilities, claims, expenses (including reasonable attorneys' fees and expenses) and damages reasonably and actually incurred by the Reinsurer (collectively, “Indemnification Claims”) to the extent arising from:

(i)any breach or falsity of any representation, warranty or covenant of the Ceding Company; or

(ii)the breach of or failure to perform any of the duties, obligations, covenants or agreements of the Ceding Company contained in this Agreement.

(b)The Reinsurer agrees to indemnify and hold harmless the Ceding Company and its directors, officers, employees, agents, representatives, successors, permitted assigns and Affiliates from and against any and all Indemnification Claims to the extent arising from:

(i)any breach or falsity of any representation, warranty or covenant of the Reinsurer; or

(ii)the breach of or failure to perform any of the duties, obligations, covenants or agreements of the Reinsurer contained in this Agreement.

ARTICLE XIX

LICENSES; REGULATORY MATTERS

Section 19.1Licenses.

(a)At all times during the term of this Agreement, each of the Reinsurer and the Ceding Company, respectively agrees that it shall hold and maintain all licenses and authorities required under Applicable Laws to perform its respective obligations hereunder unless otherwise mutually agreed by the parties.

(b)At all times during the term of this Agreement, the Reinsurer shall hold and maintain all licenses and authorizations required under Applicable Law or otherwise take all action that may be necessary so that the Ceding Company shall receive Statutory Financial Statement Credit.

Section 19.2Regulatory Matters.

(a)If Ceding Company or Reinsurer receives notice of, or otherwise becomes aware of any inquiry, investigation, examination, audit or proceeding outside the ordinary course of business by Governmental Authorities, relating to the Reinsured Policies or the reinsurance provided hereunder, the Ceding Company or Reinsurer, as applicable, shall promptly notify the other party thereof.

(b)If Ceding Company or Reinsurer receives notice of, or otherwise becomes aware of any enforcement action by any Governmental Authority arising out of any inquiry, investigation, examination, audit or proceeding by such Governmental Authority, the Ceding Company or Reinsurer, as applicable, shall promptly notify the other party thereof, and the Parties shall cooperate to resolve such matter.

21

ARTICLE XX

DURATION OF AGREEMENT; TERMINATION

Section 20.1Duration.  This Agreement shall automatically terminate if, at such time, there are no Covered Liabilities.

Section 20.2Termination.  This Agreement shall be terminated only by the mutual written consent of the Reinsurer and the Ceding Company, which writing shall state the effective date and relevant terms of termination or by the Reinsurer pursuant to Section 21.8.  For the avoidance of doubt, a Change of Control, sale or merger of the Reinsurer will not result in termination of this Agreement.

Section 20.3Survival.  Notwithstanding the other provisions of this Article XX, the terms and conditions of Articles I, IV, V, VIII, X, XI, XII, XIV, XV, XVI, XX and XXI shall remain in full force and effect after termination of this Agreement.

ARTICLE XXI

MISCELLANEOUS

Section 21.1Entire Agreement.  Without superseding anything contained in the Transaction Cooperation Agreement, among the Ceding Company, Prime Re, Swiss Re Life & Health America Inc. and Reinsurer, dated January 25, 2016, this Agreement represents the entire agreement between the Reinsurer and the Ceding Company concerning the business reinsured hereunder.  There are no understandings between the Reinsurer and the Ceding Company other than as expressed in this Agreement and the Reinsurance Trust Agreement.

Section 21.2Amendments.

(a)Any provision of this Agreement may be amended if, but only if, such amendment is in writing and is signed by each party to this Agreement; provided, that the Ceding Company shall not unreasonably withhold, condition or delay its consent to any amendment, change or modification to Schedule C proposed by the Reinsurer with at least forty-five (45) days prior written notice, subject to the provision by the Reinsurer of any information reasonably requested in connection with such proposed amendment, modification or change; it being acknowledged and agreed that it would be unreasonable for the Ceding Company to withhold, condition or delay its consent to any amendment, modification or change to Schedule C that is not adverse to the Ceding Company.  Any change or modification to this Agreement shall be null and void unless made by an amendment hereto signed by each party to this Agreement.

(b)No failure or delay by any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege.  The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by law.

Section 21.3Severability.  If any provision of this Agreement is held to be illegal, invalid or unenforceable under any present or future law or if determined by a court of competent jurisdiction to be unenforceable, and if the rights or obligations of the Ceding Company or the Reinsurer under this Agreement will not be materially and adversely affected thereby, such provision shall be fully severable, and this Agreement will be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part of this Agreement, and the remaining provisions of this Agreement shall remain in full force and effect and will not be affected by the illegal, invalid or unenforceable provision or by its severance herefrom.

Section 21.4Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts, without giving effect to the principles of conflicts of law thereof.

22

Section 21.5Notices.  Any notice and other communication required or permitted hereunder shall be in writing and shall be delivered personally or sent by certified, registered or express mail, postage prepaid.  Any such notice shall be deemed given when so delivered personally or, if mailed, on the date shown on the receipt therefore, as follows:

if to the Ceding Company:

Primerica Life Insurance Company

1 Primerica Parkway

Duluth, Georgia 30099

Attention: General Counsel

with copies to (which shall not constitute notice to the Ceding Company for purposes of this Section 21.5):

DLA Piper LLP (US)
1251 Avenue of the Americas, 27th Floor
New York, NY 10020

Attention: David D. Luce

if to the Reinsurer:

Pecan Re Inc.

c/o Marsh Management Services, Inc.

P.O. Box 530

100 Bank Street, Suite 610
Burlington, Vermont 05402-0530
Attention: Kimberly Whitcomb

with copies to (which shall not constitute notice to the Reinsurer for purposes of this Section 21.5):

Swiss Re Life & Health America Inc.

175 King Street

Armonk, New York 10504

Attention:John Regan

and

Swiss Re Life & Health America Inc.

175 King Street

Armonk, New York 10504

Attention:Reka Koerner

and

Debevoise & Plimpton LLP
919 Third Avenue
New York, New York 10022
Attention:Alexander R. Cochran

Either Party may change the names or addresses where notice is to be given by providing notice to the other Party of such change in accordance with this Section 21.5.

Section 21.6Consent to Jurisdiction.  Subject to the terms and conditions of Article XIV, the Reinsurer agrees that in the event of the failure of either Party to perform its obligations under the terms of this Agreement, the Party so failing to perform, at the request of the other Party, shall submit to the jurisdiction of any court of competent jurisdiction in any state of the United States shall comply with all requirements necessary to give such court jurisdiction, and shall abide by the final decision of such court or of any appellate court in the event of an appeal.

23

Section 21.7Service of Process.  The Reinsurer hereby designates Marsh Management Services, Inc., P.O. Box 530, 100 Bank Street, Suite 610, Burlington, Vermont 05402-0530 as its true and lawful attorney upon whom may be served any lawful process in any action, suit or proceeding instituted by or on behalf of the Ceding Company.  The Ceding Company hereby designates CT Corporation System, 155 Federal Street, Suite 700, Boston, Massachusetts 02110, and the insurance commissioner in Reinsurer's state of domicile, as its true and lawful attorney upon whom may be served any lawful process in any action, suit or proceeding instituted by or on behalf of the Reinsurer.

Section 21.8Failure to Pay. If the Ceding Company fails to pay any Net Premiums that are due within 20 Business Days of the Ceding Company receiving written notice from the Reinsurer that Net Premiums are past due, the Reinsurer will have the right to terminate this Agreement and the reinsurance provided hereunder upon at least five (5) Business Days written notice to the Ceding Company specifying the termination effective date; provided, however, that upon any such termination effective date unless on or prior to such termination effective date the Reinsurer pays such Net Premiums and any interest thereon in full, (i) in accordance with Section 11.5, the Reinsurer shall pay the Ceding Company a Commutation Payment, unless the amount thereof is negative, in which case the Ceding Company shall pay the absolute value thereof to the Reinsurer and (ii) the Ceding Company shall pay a Recapture Fee to the Reinsurer.  The Ceding Company will not cease paying any Net Premiums that are due or any other amounts in an effort to force or encourage the Reinsurer to exercise its termination rights under this Section 21.8.

Section 21.9Assignment and Retrocession.  This Agreement will inure to the benefit of and be binding upon the respective successors and permitted assigns of the Parties.  Neither Party may assign any of its duties or obligations hereunder without the prior written consent of the other Party or without the prior written consent of the regulatory states; provided, that the Reinsurer may assign its rights under Sections 15.3(c) and 15.6, including any enforcement rights against the Ceding Company under such sections, to Prime Re for so long as the Collateralized Stop Loss Reinsurance Agreement remains in effect.  Notwithstanding any other provision in this Agreement to the contrary, the Reinsurer shall have the right to retrocede all or a portion of the Reinsured Policies under this Agreement.

Section 21.10Captions.  The captions contained in this Agreement are for reference only and are not part of the Agreement.

Section 21.11Treatment of Confidential Information.  The Parties agree that, other than as contemplated by this Agreement and to the extent permitted or required to implement the transactions contemplated hereby, the Parties will keep confidential and will not use or disclose the other Party's Confidential Information or the terms and conditions of this Agreement, including, without limitation, the exhibits and schedules hereto, except as otherwise required by Applicable Law or any order or ruling of any state insurance regulatory authority, the Securities and Exchange Commission or any other Governmental Authority; provided, however, that the Reinsurer may disclose Confidential Information to its Representatives in connection with the exercise of its rights under Article XII; provided, further, that either party may disclose, with the other party's written consent, Confidential Information to any person other than its Representatives who agrees to (i) hold such Confidential Information in strict confidence as if such person were a party to this Agreement and (ii) use such Confidential Information solely for the limited purpose of evaluating a potential purchase, merger or Change of Control of such Party.  Without limiting the generality of the foregoing, neither the Reinsurer nor any Affiliates of the Reinsurer shall utilize any Confidential Information regarding Policyholders for the purpose of soliciting Policyholders for the sale of any insurance policies or other products or services.  The parties agree that any violation or threatened violation of this Section 21.11 may cause irreparable injury to a party and that, in addition to any other remedies that may be available, each party shall be entitled to seek injunctive relief against the threatened breach of the provisions of this Section 21.11, or a continuation of any such breach by the other party or any person provided with Confidential Information, specific performance and other such relief to redress such breach together with damages and reasonable counsel fees and expenses to enforce its rights hereunder.  For purposes of this Agreement, “Confidential Information” means all documents and information concerning one Party, any of its Affiliates, the Covered Liabilities or the Reinsured Policies, including any information relating to any person insured directly or indirectly under the Reinsured Policies, furnished to the other Party or such other Party's Affiliates or representatives in connection with this Agreement or the transactions contemplated hereby, except that Confidential Information shall not include information which:  (a) at the time of disclosure or thereafter is generally available to and known by the public other than by way of a wrongful disclosure by a Party or by any representative of a Party; (b) was available

24

on a nonconfidential basis from a source other than the Parties or their representatives, provided that such source is not and was not bound by a confidentiality agreement with a Party; or (c) was independently developed without violating any obligations under this Agreement and without the use of any Confidential Information.  For the purposes of this Agreement, “Change of Control” means the acquisition of ten percent (10%) or more of the voting securities of a Party or any parent of such Party, or any other acquisition that is deemed to be a Change of Control by applicable insurance regulatory authorities of the state of domicile of such Party.

Section 21.12No Waiver; Preservation of Remedies.  No consent or waiver, express or implied, by any Party to or of any breach or default by any other Party in the performance by such other Party of its obligations hereunder shall be deemed or construed to be a consent or waiver to or of any other breach or default in the performance of obligations hereunder by such other Party hereunder.  Failure on the part of any Party to complain of any act or failure to act of any other Party or to declare any other Party in default, irrespective of how long such failure continues, shall not constitute a waiver by such first Party of any of its rights hereunder.

Section 21.13Calendar Days.  To the extent that any calendar day on which a deliverable pursuant to this Agreement is due is not a Business Day, such deliverable will be due the next Business Day.

Section 21.14Counterparts.  This Agreement may be executed in one or more counterparts, all of which taken together shall constitute one and the same instrument, and either of the Parties may execute this Agreement by signing such counterpart.  This Agreement shall become effective when each party hereto shall have received a counterpart hereof signed by the other party hereto.

Section 21.15Incontestability.  In consideration of the mutual covenants and agreements contained herein, each party hereto does hereby agree that this Agreement, and each and every provision hereof, is and shall be enforceable by and between them according to its terms, and each party does hereby agree that it shall not contest the validity or enforceability hereof.

Section 21.16Interpretation.

(a)When a reference is made in this Agreement to a Section, such reference shall be to a Section to this Agreement unless otherwise indicated.  The Section headings contained in this Agreement are solely for the purpose of reference, are not part of the agreement of the parties and shall not affect in any way the meaning or interpretation of this Agreement.  Whenever the words “include,” “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.”  The words “hereof”, “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement.  The definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such term.  Any agreement, instrument or statute defined or referred to herein or in any agreement or instrument that is referred to herein means such agreement, instrument or statute as from time to time amended, modified or supplemented, including (in the case of agreements or instruments) by waiver or consent and (in the case of statutes) by succession of comparable successor statutes.  References to a person are also to its permitted successors and assigns.

(b)The parties have participated jointly in the negotiation and drafting of this Agreement; consequently, in the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties thereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provisions of this Agreement.

Section 21.17Reasonableness.  Each of the parties will act reasonably and in good faith on all matters within the terms of this Agreement.

25

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.

PRIMERICA LIFE INSURANCE COMPANY
By:	/s/Dan Settle
Name:	Dan Settle
Title:	Executive Vice President
	PECAN RE INC.
By:	/s/Brian Lo
Name:	Brian Lo
Title:	President
By:	/s/John Gribbon
Name:	John Gribbon
Title:	Sr. Vice President and CFO

[Signature Page to the Amended and Restated 80% Coinsurance Agreement]

Schedule A

Identification of Reserves

Exhibit 5 Policy Reserves

• Life Insurance Reserves

• Disability — Active Lives Reserves

• Disability — Disabled Lives Reserves

• Miscellaneous Reserves

Exhibit 8 Claim Reserves

• Pending Claims

• Incurred but Not Reported Claims

• Amounts Recoverable on Paid Claims

A-1

Schedule B

No Conflict or Violation Exceptions

None.

B-1

Schedule C

Stop Loss Assets Amount

Calendar Quarter End Date	Stop Loss Assets Amount ($mm)
December 31, 2015	1819
March31, 2016	1743
June 30, 2016	1668
September 30, 2016	1592
December 31, 2016	1516
March 31, 2017	1443
June 30, 2017	1369
September 30, 2017	1296
December 31, 2017	1222
March 31, 2018	1154
June 30, 2018	1086
September 30, 2018	1017
December 31, 2018	749
March 31, 2019	686
June 30, 2019	624
September 30, 2019	561
December 31, 2019	498
March 31, 2020	436
June 30, 2020	374
September 30, 2020	312
December 31, 2020	250
March 31, 2021	192
June 30, 2021	134
September 30, 2021	76
December 31, 2021	18
at all times after January 1, 2022	—

C-1

Exhibit I

Identification of Reinsured Policies

I-1

Exhibit I - Identification of Reinsured Policies

PLAN	FORM	POLICIES	RIDERS	FACE AMOUNT
$$ 10	ML-301S 10	—	12	215,000
	ML-421(10)S	—	3	40,000
	TD 65/20 S	4	—	41,763
		4	15	296,763
$$ 10 REN	ML-301S 10	—	35	471,000
	ML-421(10)S	—	117	1,644,065
	TD 65/20S	142	—	1,997,943
		142	152	4,113,008
$$ 12REN	ML-301S	—	7	70,000
	TD 12/2 S	20	—	663,000
		20	7	733,000
ADD ON	ML-767	—	29	580,000
	ML-777	—	11	220,000
		—	40	800,000
ART	ML-875	—	16	735,000
	ML-901 W	—	34	2,623,000
	ML-901A	—	5	450,000
	ML-901X	—	243	16,438,000
	ML-911	—	14	475,000
	ML-911 W	—	142	8,658,000
	ML-911 X	—	10	770,000
	ML-911A	—	8	205,000
	ML-911X	—	336	14,710,000
		—	808	45,064,000
A10	A-10	3,689	—	278,421,629
	A-10I	—	6,202	396,324,349
	A-10S	—	5,974	350,411,170
		3,689	12,176	1,025,157,148
A10B	A-10B	19,189	—	2,481,429,480
	A-10IB	—	15,808	1,405,224,997
	A-10IBNJ	—	324	29,500,000
	A-10SB	—	21,967	1,726,249,304
	A-10SBNJ	—	579	48,287,840
		19,189	38,678	5,690,691,621

I-2

Exhibit I - Identification of Reinsured Policies

PLAN	FORM	POLICIES	RIDERS	FACE AMOUNT
BART	BART	615	—	56,082,000
	BART(85)	83	—	7,688,000
	BART(85) MO	179	—	16,681,000
	BART(85) MT	1	—	100,000
		878	—	80,551,000
BART 100	BART-100	408	—	70,873,712
	BART-100OR	3	—	750,000
	BART-101	—	16	2,615,001
	BART-102	—	34	2,147,200
	BART-200	12	—	2,115,000
	BART-300	409	—	58,325,599
		832	50	136,826,512
B20	B-20	41,043	—	5,111,385,327
	B-20I	—	6,580	669,617,925
	B-20S	—	25,750	2,503,896,739
		41,043	32,330	8,284,899,991
B20B	B-20B	46,306	—	7,127,569,620
	B-20IB	—	6,542	748,481,812
	B-20IBNJ	—	109	12,810,500
	B-20SB	—	29,056	3,394,085,205
	B-20SBNJ	—	1,052	152,046,000
		46,306	36,759	11,434,993,137
CART	CART	187	—	2,457,553
	CARTNS	786	—	14,375,131
	CARTNSR	—	106	1,713,336
	CARTS	26	—	400,751
	CARTSP	—	24	172,976
	CARTSR	—	3	28,750
	NO FORMCART	530	69	10,721,612
		1,529	202	29,870,109
CHILD RIDER	CH-25	—	99,987	2,037,471,000
	CP-CH	—	519,939	12,281,632,100
	ML-309 S	—	254	2,420,000
	ML-909	—	3,421	40,011,010
	ML-909 B	—	61,360	887,806,500
	ML-909A	—	1,263	16,124,000

I-3

Exhibit I - Identification of Reinsured Policies

PLAN	FORM	POLICIES	RIDERS	FACE AMOUNT
CHILD RIDER	ML-909AR	—	1,153	15,314,000
	ML-917	—	8	76,000
	PL-CR	—	101,605	1,923,587,000
		—	788,990	17,204,441,610
CONV DT100	DT-1000X	—	17	110,178
	NO FORM DTC	6,263	2,232	106,742,022
		6,263	2,249	106,852,200
CST	ML-T90	19,318	—	1,617,173,172
	ML-T90OR	114	—	9,902,000
	ML-T95	69,424	—	6,146,403,242
	ML-T95MD	2,439	—	225,706,120
	ML-867 S	—	92	4,990,000
	ML-867A	—	2,055	127,531,955
	ML-867AMD	—	67	4,016,000
	ML-867S	—	10	405,000
	ML-877A	—	33,118	1,786,297,369
	ML-877AMD	—	1,073	69,243,000
	ML-877S	—	9,181	439,663,292
	ML-877SOR	—	57	2,819,000
	ML-887 S	—	278	7,416,000
	ML-887A	—	1,774	48,475,900
	ML-887AMD	—	78	1,975,000
	ML-887S	—	28	545,000
		91,295	47,811	10,492,562,050
C25 LEVEL	C-25	36,565	—	5,298,618,351
	C-25I	—	2,691	327,332,299
	C-25IX	—	365	54,279,099
	C-25S	—	21,214	2,482,828,024
	C-25SX	—	3,703	521,706,299
	C-25X	5,897	—	1,067,003,314
		42,462	27,973	9,751,767,386
C25B	C-25B	63,418	—	10,484,273,839
	C-25IB	—	3,855	484,574,536
	C-25IBNJ	—	76	12,874,000
	C-25SB	—	33,356	4,618,655,588
	C-25SBNJ	—	1,482	253,885,000
		63,418	38,769	15,854,262,963
	C4-10IB	—	115,613	8,043,108,434
C4IBR10	C4-10SB	—	57,571	3,652,087,750
		—	173,184	11,695,196,184

I-4

Exhibit I - Identification of Reinsured Policies

PLAN	FORM	POLICIES	RIDERS	FACE AMOUNT
C4IBR5	C4-5IB	—	81,949	3,109,314,910
	C4-5SB	—	42,201	1,446,605,810
		—	124,150	4,555,920,720
C410	C4-I10	—	43,168	4,723,448,083
	C4-Sl0	—	138,215	10,608,149,425
	C4-10	200,844	—	22,578,357,011
		200,844	181,383	37,909,954,519
C415	C4-I15	—	18,674	2,322,209,846
	C4-S15	—	44,022	4,921,592,696
	C4-l5	64,986	—	9,046,327,346
		64,986	62,696	16,290,129,888
C420	C4-I20	—	23,609	3,622,066,590
	C4-S20	—	99,223	14,346,340,732
	C4-20	163,597	—	29,013,813,050
		163,597	122,832	46,982,220,372
C425	C4-I25	—	5,695	809,524,971
	C4-S25	—	19,968	3,643,093,897
	C4-25	28,333	—	6,388,962,299
		28,333	25,663	10,841,581,167
C430	C4-I30	—	9,953	1,776,376,796
	C4-S30	—	72,461	14,026,310,685
	C4-30	148,891	—	31,245,530,547
	C4-30MS	1	—	40,000
		148,892	82,414	47,048,258,028
C435	C4-I35	—	1,756	304,461,497
	C4-I35AFL	—	124	23,555,900
	C4-S35	—	12,845	2,340,377,398
	C4-S35AFL	—	692	138,740,000
	C4-35	40,206	—	6,841,254,800
	C4-35AFL	2,750	—	462,808,300
		42,956	15,417	10,111,197,895
C5IBR10	C5IBR	—	45,858	1,203,280,860
	C5SBR	—	20,304	506,651,400
		—	66,162	1,709,932,260

I-5

Exhibit I - Identification of Reinsured Policies

PLAN	FORM	POLICIES	RIDERS	FACE AMOUNT
C5IBR5	C5IBR	—	27,626	364,510,050
	C5SBR	—	12,562	156,868,150
		—	40,188	521,378,200
C510	C5	38,912	—	6,634,142,069
	C5IR	—	17,208	2,246,751,204
	C5SR	—	26,642	3,489,261,134
		38,912	43,850	12,370,154,407
C515	C5	29,286	—	4,657,708,223
	C5IR	—	8,792	1,207,355,616
	C5SR	—	17,211	2,418,471,303
		29,286	26,003	8,283,535,142
C520	C5	105,903	—	21,047,223,456
	C5IR	—	13,359	2,232,806,421
	C5SR	—	53,488	9,467,983,505
		105,903	66,847	32,748,013,382
C525	C525	21,952	—	5,231,434,200
	C525IR	—	2,770	466,281,600
	C525SR	—	12,307	2,526,419,300
		21,952	15,077	8,224,135,100
C530	C5	71,272	—	15,972,695,801
	C5IR	—	4,443	843,630,379
	C5SR	—	32,665	6,716,721,349
		71,272	37,108	23,533,047,529
C535	C5	77,401	—	13,263,063,232
	C5IR	—	2,189	392,047,100
	C5SR	—	20,498	3,772,519,599
		77,401	22,687	17,427,629,931
DECR TRM	ML-271	—	62	117,313
	ML-300	—	26	63,906
		—	88	181,219
DT65	ML-T100	6,259	—	231,309,412
	ML-T100OR	9	—	171,950
	ML-1000	—	1,641	45,971,915
	ML-1000OR	—	3	49,905
	ML-1001	—	3,656	97,104,210
	ML-1001OR	—	5	65,828
		6,268	5,305	374,673,219

I-6

Exhibit I - Identification of Reinsured Policies

PLAN	FORM	POLICIES	RIDERS	FACE AMOUNT
D05 BD	ML-D5	213	—	693,500
	ML-1000A	—	3	—
	ML-1001A	—	135	325,000
	ML-1002A	—	4	50,000
		213	142	1,068,500
D10 BD	ML-D10	527	—	2,619,500
	ML-1000B	—	7	—
	ML-1001B	—	324	1,378,500
	ML-1002B	—	7	125,000
		527	338	4,123,000
D25 MOD	D-25	2,354	—	219,340,620
	D-25X	462	—	67,305,000
		2,816	—	286,645,620
EAGLE IBR	PL-104	—	1,234	48,667,900
	PL-105	—	789	21,408,300
	PL-154	—	10,011	571,299,000
	PL-155	—	2,483	105,446,300
	PL-204	—	93,218	4,663,075,650
	PL-205	—	53,776	2,053,882,400
		—	161,511	7,463,779,550
EAGLE 10	PL-EAGLE 10	10,260	—	558,297,408
	PL-106	—	2,616	190,100,041
	PL-107	—	4,778	242,484,431
	PL-108	—	166	6,759,999
		10,260	7,560	997,641,879
EAGLE 10E	PL-EAGLE 10	86	—	1,049,000
	PL-106	—	3	24,000
	PL-107	—	8	96,000
		86	11	1,169,000
EAGLE 15	PL-EAGLE 15	18,165	—	2,450,079,228
	PL-156L	—	1,603	168,772,470
	PL-157L	—	5,591	574,374,174
	PL-158L	—	71	2,477,000
		18,165	7,265	3,195,702,872

I-7

Exhibit I - Identification of Reinsured Policies

PLAN	FORM	POLICIES	RIDERS	FACE AMOUNT
EAGLE 20	PL-EAGLE 20	191,096	—	22,860,717,525
	PL-206	—	11,940	1,103,253,571
	PL-207	—	110,592	10,195,409,737
	PL-208	—	2,700	98,881,499
		191,096	125,232	34,258,262,332
E15	E-15I	—	5,506	436,121,000
	E-15S	—	4,300	312,842,048
		—	9,806	748,963,048
E15B	E-15B	35,114	—	3,416,406,232
	E-15IB	—	8,917	788,792,244
	E-15IBNJ	—	132	14,536,000
	E-15SB	—	26,620	1,859,136,845
	E-I5SBNJ	—	635	49,848,000
		35,114	36,304	6,128,719,321
FAMILY	ML-297 S	—	57	108,000
	ML-299 S	—	31	55,000
	NO FORM FAM	—	46	169,000
		—	134	332,000
F12	F-12	502	—	34,335,000
	F-12I	—	6	579,000
	F-12S	—	340	12,309,640
		502	346	47,223,640
IBR	ML-667	—	18,666	971,741,850
	ML-677	—	11,211	368,838,500
		—	29,877	1,340,580,350
IBR10	BI-101	—	16,254	1,785,390,200
	BI-105	—	8,543	775,353,900
		—	24,797	2,560,744,100
IBR10B	BI-10IB	—	29,926	3,368,247,500
	BI-10IBNJ	—	1,248	146,281,900
	BI-10SB	—	16,307	1,546,985,800
	BI-10SBNJ	—	539	52,796,000
		—	48,020	5,114,311,200
IBR5	BI-5I	—	23,977	1,505,154,400
	BI-5S	—	13,745	704,838,950
		—	37,722	2,209,993,350

I-8

Exhibit I - Identification of Reinsured Policies

PLAN	FORM	POLICIES	RIDERS	FACE AMOUNT
IBR5B	BI-5IB	—	30,369	1,964,729,850
	BI-5IBNJ	—	961	62,684,500
	BI-5SB	—	17,574	949,958,550
	BI-5SBNJ	—	477	26,569,500
		—	49,381	3,003,942,400
MOD-11	ML-301S 11	—	2	15,000
MOD-11 REN	ML-301 S 11	—	263	3,768,000
	TD-11 S	1,041	—	40,523,000
	TD-11 STX	185	—	7,351,000
		1,226	263	51,642,000
MOD15	MT85(15)ML	9,276	—	384,548,697
	MT85(l5)MLM	1,162	—	39,579,835
	MT85-15MLM	511	—	17,560,000
	MT85-15MLMO	5,445	—	186,297,509
	MT85-15MLMT	8	—	272,000
	MT85ML NJ	165	—	6,389,000
		16,567	—	634,647,041
NL RIDER	ML-867 W	—	3,472	210,518,369
	ML-867W WA	—	55	3,556,000
	ML-867Y	—	3,636	206,083,500
	ML-877	—	3,341	151,116,495
	ML-877 W	—	2,836	138,021,600
		—	13,340	709,295,964
O-MOD15	CR-85(l5)	—	735	26,460,500
	SR-85(15)	—	1,637	26,542,184
		—	2,372	53,002,684
OLDT15	T 15	3,368	—	44,490,569
PAIDUP	CTI(80)	2	—	10,000
	CTI(86)	23,710	—	219,109,000
	STI(80)	35	—	68,000
		23,747	—	219,187,000
PDP EAGLE 20	PL-EAGLE 20	45	—	2,440,000
	PL-206	—	1	26,000
	PL-207	—	17	682,000
		45	18	3,148,000

I-9

Exhibit I - Identification of Reinsured Policies

PLAN	FORM	POLICIES	RIDERS	FACE AMOUNT
PDP T20	ML-T20	72	—	5,753,000
	ML-867C	—	1	1,000
	ML-877C	—	20	1,300,000
		72	21	7,054,000
PLUSIBR10	CP-10IB	—	39,662	4,212,811,400
	CP-10SB	—	21,815	1,980,554,000
		—	61,477	6,193,365,400
PLUSIBR5	CP-5IB	—	36,270	2,132,619,570
	CP-5SB	—	20,737	1,044,154,500
		—	57,007	3,176,774,070
PLUS10	CP-I10	—	14,425	1,459,241,214
	CP-I10YWA	—	79	8,727,000
	CP-S10	—	21,146	1,993,368,164
	CP-S10YWA	—	163	18,001,750
	CP-10	23,716	—	3,138,021,509
	CP-10MS	259	—	27,552,000
	CP-10YWA	172	—	28,157,000
		24,147	35,813	6,673,068,637
PLUS15	CP-I15	—	8,458	903,605,421
	CP-I15YWA	—	47	5,297,000
	CP-S15	—	17,129	1,868,860,034
	CP-S15YWA	—	106	13,925,000
	CP-15	21,388	—	3,049,496,804
	CP-15MS	331	—	38,255,999
	CP-15YWA	129	—	23,253,000
		21,848	25,740	5,902,693,258
PLUS20	CP-I20	—	8,112	1,094,283,197
	CP-I20YWA	—	36	4,971,000
	CP-S20	—	35,745	5,254,206,955
	CP-S20YWA	—	175	27,437,000
	CP-20	55,453	—	10,178,381,894
	CP-20MS	636	—	96,182,000
	CP-20YWA	269	—	55,420,000
		56,358	44,068	16,710,882,046

I-10

Exhibit I - Identification of Reinsured Policies

PLAN	FORM	POLICIES	RIDERS	FACE AMOUNT
PLUS25	CP-I25	—	4,348	634,730,599
	CP-S25	—	35,652	5,945,760,896
	CP-25	66,597	—	12,408,101,481
	CP-25MS	947	—	133,876,000
		67,544	40,000	19,122,468,976
PLUS30	CP-I30YWA	—	17	2,952,500
	CP-S30YWA	—	232	40,806,000
	CP-30YWA	360	—	79,835,000
		360	249	123,593,500
SPECIAL CASES	A-10	1	—	125,000
	A-10B	4	—	205,000
	A-10SB	—	3	55,000
	A-10SP	—	1	10,000
	B-20B	1	—	150,000
	B-20IB	—	1	200,000
	C-25	1	—	75,000
	CP-10	3	—	225,000
	CP-20	2	—	350,000
	C4-S15	—	1	225,000
	E-15B	3	—	807,000
	E-15IBNJ	—	1	50,000
	E-15SB	—	1	21,000
	E-15SBNJ	—	1	50,000
	ML-T20	3	—	80,000
	ML-T90	2	—	375,000
	ML-T95	1	—	2,000,000
	ML-297 S	—	1	25,980
	ML-867C	—	2	210,000
	ML-877C	—	2	75,000
	ML-877S	—	1	61,000
	ML-967	—	2	245,000
	ML-977	—	2	100,000
	MT-85(M)LM	1	—	25,000
	MX-T95	1	—	10,000
	NO FORM SPC	56	12	3,680,263
	NOFORMOGC	402	—	10,013,750
	PL-EAGLE 10	1	—	100,000
	PL-EAGLE 20	1	—	150,000
	PL-207	—	1	150,000
	WL70	3	—	54,187
		486	32	19,903,180

I-11

Exhibit I - Identification of Reinsured Policies

PLAN	FORM	POLICIES	RIDERS	FACE AMOUNT
TI0 JUMBO RIDER	ML-967	—	8,481	1,123,433,220
	ML-977	—	5,690	519,843,967
	ML-987	—	138	12,983,000
		—	14,309	1,656,260,187
T15 BD	ML-T15	524	—	62,052,000
	ML-867B	—	4	465,000
	ML-877B	—	295	17,890,000
	ML-887B	—	34	1,505,000
		524	333	81,912,000
T20 BD	ML-T20	160,540	—	20,093,614,525
	ML-867C	—	2,505	164,703,629
	ML-877C	—	92,527	7,531,373,930
	ML-887C	—	2,993	109,458,000
		160,540	98,025	27,899,150,083
T2000	PL-I25	—	10,346	1,276,822,184
	PL-I25X	—	1,544	269,516,000
	PL-M25	33,452	—	3,522,137,246
	PL-M25X	6,188	—	801,747,900
	PL-S25	—	19,504	2,162,337,444
	PL-S25X	—	3,313	441,588,400
		39,640	34,707	8,474,149,174
ULTIMA TERM	ML-900	—	64	3,876,000
	ML-910	—	213	9,529,000
	MT90(15)MLX	287	—	34,326,000
		287	277	47,731,000
WHLE LIFE	MWL-110	7	—	294,000
		1,993,217	3,104,562	535,938,951,588

I-12

Exhibit II

Third Party Reinsurance

II-1

EXHIBIT II - THIRD PARTY REINSURANCE

REINSURER / AGREEMENT TYPE *		POLICIES	RIDERS	REINSURANCE AMOUNT
ACE LIFE INSURANCE CO	QS	354,442	480,539	10,182,917,910
ALLIANZ LIFE REINSURANCE	QS	289,576	443,856	5,119,945,446
GENERALI USA	CO	7,613	445	13,914,158
GENERALI USA	QS	977,897	1,393,214	50,651,871,392
MUNICH RE	CO	180,432	94,956	1,918,433,790
MUNICH RE	QS	624,659	1,001,043	34,535,423,977
CANADA LIFE ASSURANCE	QS	279,266	432,890	8,669,564,108
CHARTER SECURITY LIFE	CO	6,487	469	11,910,689
EMPLOYERS RE CORP	CO	335,867	204,840	1,261,287,786
SCOR GLOBAL LIFE	QS	977,772	1,393,152	50,092,374,065
REASSURANCE OF HANOVER	CO	250,738	151,238	269,488,301
REASSURANCE OF HANOVER	QS	291,276	509,031	13,273,885,387
REASSURANCE OF HANOVER	XL	80	32	11,775,455
LINCOLN NATIONAL LIFE	CO	66,796	10,238	575,612,779
LINCOLN NATIONAL RE	CO	399,982	257,151	6,009,492,365
LIFE REASSURANCE CORP	CO	463,813	267,277	6,441,512,922
MERCANTILE & GENERAL	QS	369,925	534,672	17,994,316,223
MUNICH AMERICAN RE	XL	49	15	2,588,939
SWISS RE	CO	270,574	153,439	1,069,504,653
SWISS RE	XL	79	31	6,687,092
OXFORD LIFE INS CO	CO	250,637	151,178	790,076,012
AMERICAN PHOENIX LIFE	QS	220,511	338,204	6,246,784,768
REINS GROUP OF AMERICA	QS	945,549	1,400,267	48,106,916,734
SCOR LIFE RE US	QS	640,927	920,825	24,995,041,915
SCOTTISH RE	QS	244,546	402,537	11,290,886,467
SWISS RE LIFE & HEALTH	QS	354,464	480,552	17,042,273,815
TEXAS RE LIFE INS CO	CO	166,947	105,960	84,329,176
TOA REINSURANCE COMPANY	QS	484,791	671,543	24,681,975,884
TRANSAMERICA OCCIDENTAL	CO	76,008	47,122	846,241,682
TRANSAMERICA OCCIDENTAL	QS	876,919	1,187,614	37,661,911,091
TRANSAMERICA OCCIDENTAL	XL	1	1	35,000
COMPANY TOTALS				379,858,979,981

* CO = COINSURANCE

   XL = EXCESS LOSS YRT

   QS = QUOTA SHARE YRT

II-2

Exhibit III

Form of Monthly Report

Prime Re

Monthly Settlement Report

[See attached]

III-1

Swiss Re Reinsurance

Manual Expense Allowance

[•]

Section 4.2 Allowances	DL01
	[•]
MSCWPE2--1 Policy Exhibit
Beginning Direct inforce [first day of applicable month]	[•]
Ending Direct inforce [last day of applicable month]	[•]
Avg Direct Inforce	[•]
*Expense Allowance @ 100%	[•]
Expense Allowance @ Deal %	[•]
Annual Expense Allowance	[•]
Monthly Expense Allowance (1/12)	[•]
Section 4.3 Other Obligations	DL01
	[•]
(i) Other obligations
MSCWRA1-1 Settlement Rpt (CO9999 for DL02)
Direct Premiums [applicable month]	[•]
** Premium Tax Rate	[•]
Premium taxes Incurred	[•]
	DL01
	[•]
(ii) Other obligations
# EOT Policy Conversions	[•]
** Allowance	[•]
Total EOT Conversion Allowance	[•]
EOT Conversion Allowance per Deal%	[•]
	DL01
	[•]
(iv) Other obligations
U/W expenses on Reinstatements	[•]
Reinstatement U/W Expenses per Deal %	[•]
	DL01
	[•]
(iii) Other obligations
Conversion Bonus	[•]
Continuation Bonus	[•]
Total EOT Bonus	[•]
Bonus Funding Valn	[•]
Legacy Total	[•]
Commission Adj Per Deal %	[•]

III-2

[•]

* Expense Allowance Rate for DLO1/DLO4/DL03 is adjusted annually in January.

* Expense Allowance Rate for DLO2 is adjusted annually in March. See 'Expense

** Per the coinsurance agreements, these rates do not change.

Prepared By:	Reviewed By:
Date:	Date:

Swiss Re Reinsurance Top Up Notice

	As of
	[•]
	Pecan Re 80%
	DL01
Reserve Report
Direct Reserves	[•]
Ceded Reserves	[•]
	—
Direct Pending	[•]
Ceded Pending	[•]
Recoverables	[•]
	—
Economic Reserve
Excess Reserve	—
Reserve Report	—
	—
Required Reserve Balance	—
Security Balance as of [•]
Fair Value of Trust	[•]
Fair Value of Economic Trust	—
Fair Value of Excess Trust	—
	—
Over/(Under) funded: Security Balance minus Required Reserve Balance
-10% Economic Reserve	—
-10% Excess Reserve	—
Over/(Under) funded	—
102% of Required Reserves Balance
Economic Reserve	—
Excess Reserve	—
	—
Excess Security Balance in Trust:
Economic Trust > Economic Reserve	—
Excess Trust > Excess Reserve	—
Security Balance minus 102% of Required Reserve Balance (105% for FRAC)	—
	—

III-3

.

if <= current month, 1 1

if <= current month, 1 1

if <= current month, 1 1

if <= current month, 1

if <= current month, 1

if<= current month, 1 1

if<= current month, 1 1

if<= current month, 1 1

if <= current month, 1 1

if <= current month, 1

PLIC - Pecan Re Settlement Statement [•], YTD

(4 wks) January

(5 wks) February

(4 wks) March

(4 wks) April

(5 wks) May

(4 wks) June

(4 wks) July

(5 wks) August

(4 wks) September

(4 wks) October

(5 wks) November

YTD

Due

DL01 -80%

DL01 -80%

DL01 -80%

DL01 -80%

DL01 -80%

DL01 -80%

DL01 -80%

DL01 -80%

DL01 -80%

DL01 -80%

DL01 -80%

DL01 -80%

Business

to/form

Unit

Account

9.2 BU

Book Code

Deal Id

Prod

Description

AmountDue

AmountDue

AmountDue

AmountDue

AmountDue

AmountDue

AmountDue

AmountDue

AmountDue

AmountDue

AmountDue

AmountDue

Due to/from PR20 Cash ledger

[•]

[•]

[•]

[•]

[•]

[•]

[•]

Direct Premiums

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

—

[•]

[•]

[•]

[•]

[•]

[•]

[•]

Direct Claims

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

—

[•]

[•]

[•]

[•]

[•]

[•]

[•]

ETPR Claims

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

—

ETPR Premiums Monthly True Up & Manual Premiums

[•]

[•]

[•]

[•]

[•]

[•]

[•]

Prior Month Accrual Deal

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

Current Month Cash Deal

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

Manual Premium Pmts(FAC, Term)

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

—

—

—

—

—

—

—

—

—

—

[•]

[•]

[•]

[•]

[•]

[•]

—

—

—

—

—

—

—-

[•]

[•]

[•]

[•]

[•]

[•]

[•]

Expense Allowance

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

—

[•]

[•]

[•]

[•]

[•]

[•]

[•]

Premium Tax Allowance

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

—

[•]

[•]

[•]

[•]

[•]

[•]

[•]

Premium Tax Recovered

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

—

[•]

[•]

[•]

[•]

[•]

[•]

[•]

Conversion Allowance

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

—

[•]

[•]

[•]

[•]

[•]

[•]

[•]

Reinstatement U/W Expense

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

—

Commissions

—

[•]

[•]

[•]

[•]

[•]

[•]

[•]

Bonus Funding, EOT Bonus

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

—

[•]

[•]

[•]

[•]

[•]

[•]

[•]

ICA Comm Exp

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

—

[•]

[•]

[•]

[•]

[•]

[•]

[•]

Lf 1 yr Com

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

—

[•]

[•]

[•]

[•]

[•]

[•]

[•]

Lf Ren Com

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

—

Commission Allowance

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

—

[•]

[•]

[•]

[•]

[•]

[•]

[•]

Lf 1YrComm-Re-Ced

Scottish Re's & Canada Life's reprocessed IBR's

[•]

[•]

[•]

[•]

[•]

[•]

[•]

(PSR/PCR)

[•]

[•]

[•]

[•]

[•]

[•]

[•]

—

—

—

—

—

—

—

—

—

—

—

—

Total Due to/from PR20 Cash ledger

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

—

Due tofrom PR2G Accrual ledger

ETPR Premiums (excluding Frozens)

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

Frozen Release ETPR Premiums

-

[•]

[•]

[•]

[•]

-

[•]

[•]

-

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

ETPR Premiums - Monthly accrual

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

—

Net Amount Due to Pecan Re

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

—

III-4

Coinsurance Agreement		Primerica Report ID / Name	File 1
Article VIII Section 8.1 & 8.2	Report ID	Report Name	[●]
Monthly Settlement Report	SCWRA1 --1	Monthly Settlement Report	✓
Policy Exhibit	SCWPE2 --1	Exhibit of Life Insurance	✓
	SCWPE3--1	Policy Exhibit Errors	✓
Non-Bordereau Claims Report	SCWRA4 --1	Bulk Claim	✓
Bordereau Report	SCWRA4 --2	NonBulk Claim	✓
Reserve Report	SCWRA3 -- 1	Monthly Reserve Report	✓
Claim Reserve Report	SCWRA2 -- 1	Claim Reserve Report	✓
	SCWRA4 --3	Detail Pending Claims and Recoverables	✓
Monthly Account Balance Reports	PSP419-MP	Pecan Re General Ledger Summary	✓
Top-Up Notice	PDF	Top Up Notice	✓
	SCWR07 --1	Monthly Settlement Report - Peoplesoft Ledger Balance	✓
	SCWR07 -- 2	Claim Reserve Report - Peoplesoft Ledger Balance	✓
	SCWR07 -- 3	Monthly Reserve Report - Peoplesoft Ledger Balance	✓
	PDF	Policy and Claim Reserve Recon to GL	✓
	Excel	N'Vision Report: Pecan Re	✓
	PDF	Settlement Statements - Pecan Re	✓
	PDF	Monthly Manual Deal Entries	✓
	Excel	GL Interface file	✓
	PDF	Reinsurance Recoverables Aging Report	✓
	PDF	Pending Litigation Claims Report	✓

System Generated Report - not available in Excel/Word format

Attached Excel Version of this report

Report provided in an Excel version already. Re-attached this report

III-5

	Report ID	Report Name
Coinsurance AgreementArticle VIII Section 8.1 & 8.2
Monthly Settlement Report	SCWRA1 --1	Monthly Settlement Report
Policy Exhibit	SCWPE2 -- 1	Exhibit of Life Insurance
	SCWPE3--1	Policy Exhibit Errors
Non-Bordereau Claims Report	SCWRA4 --1	Bulk Claim
Bordereau Report	SCWRA4 -- 2	NonBulk Claim
Reserve Report	SCWRA3 --1	Monthly Reserve Report
Claim Reserve Report	SCWRA2 -- 1	Claim Reserve Report
	SCWRA4 -- 3	Detail Pending Claims and Recoverables
Monthly Account Balance Reports	PSP419	General Ledger Summary-USD
	PSP419	General Ledger Summary-CAD
Top-Up Notice	PDF	Top Up Notice (required quarterly)
Additional Reports provided
	PDF	Settlement Statements - Pecan Re & Experience Refund - Pecan Re
	SCWR07 --1	Monthly Settlement Report - Peoplesoft Ledger Balance
	SCWR07 -- 2	Claim Reserve Report - Peoplesoft Ledger Balance
	SCWR07 --3	Monthly Reserve Report - Peoplesoft Ledger Balance
	PDF	Monthly Manual Deal Entries & Support (Expense Allowance, End of Term & Reinst U/W Expense detail)
	Excel	N'Vision Report: Pecan Re
	PDF	Policy and Claim Reserve Recon to GL
	Excel	GL Interface file

Total 26 files

Manic Lefebvre	manic_lefebvre@swissre.com
[●]	[●]
[●]	[●]
[●]	[●]

III-6

PRIMG&SB	[●]
SWISS RE REINSURANCE PECAN RE GAAP & STAT
Run: [●]

Pecan Re GAAP

Pecan Re STAT

DL01: 80%

DL01: 80%

8.4 Business Unit

PR20

PR2G

PR2GG

Pecan Re_GP

PR20

PR2G

PR2S

Pecan Re_St

9.2 Business Unit

Pecan

Pecan

Pecan

Pecan

Pecan

Pecan

9.2 Deal ID

Pecan80

Pecan80

Pecan80

Pecan80

Pecan80

Pecan80

9.2 Book Code

Base

Comb

GAAP

Total

Base

Comb

STAT

Total

9.2 Product

Uncons

Uncons

Uncons

GAAP

Uncons

Uncons

Uncons

STAT

Assets

Intercompany Legacy

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

Premium Due and Unpaid

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

Due From Rein-UW and Other

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

Reinsurance Recoverable

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

Ceded Pending

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

Ceded Reserves

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

Direct Pending

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

Direct Reserves

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

Due to Affiliates

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

Deferred ACQ Cost (DAC)

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

T otal Assets

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

Liabilities

Future Policy Benefits - Life

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

Direct Pending Claims

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

Accrued Taxes Licenses Fees

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

Cost of Collection

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

Advance Premium

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

Due to Reinsurers

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

Commissions Payable

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

T otal Liabilities

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

Net Income

[•]

[•]

[•]

[•]

[•]

[•]

[•]

Paid in Capital

[•]

[•]

[•]

[•]

[•]

[•]

[•]

Retained Earnings

[•]

[•]

[•]

[•]

[•]

[•]

[•]

Total Equity

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

Total Liabilities & Equity

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

Revenue

Premium

[•]

[•]

[•]

[•]

[•]

[•]

[•]

Total Revenue

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

Benefit

Claims - Life

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

Change In Reserve - Life

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

Total Benefits

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

Commission & Expenses

Commissions - Net

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

Amortization of DAC

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

Allowances

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

Legal Settlements

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

Total Commisions & Expenses

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

Total Benefit, Commissions & Expenses

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

Net Income

[•]

[•]

[•]

[•]

[•]

[•]

[•]

[•]

Page 1

Exhibit IV

Form of Monthly Account Balance Report

[See attached]

IV-1

Prepared By:

Approved By:

[•]

Policy Reserves:	Direct Reserves		ETPR Reserves		Net	Total Reserves
DL01: PLIC 80% SCWRA3-1 balance	[•]		[•]		—	DL01 Σ (A)	—
Manual Adjustments:
DIS Monthly Inc./Stat Errors	[•]
Adj. to [year] waiver clms-Lx	[•]
Frozen Stat Reserves - Coin @ 80%			[•]
Frozen Stat Reserves Qsyrt @ 80%			[•]
CTR & Spouse Conversions incorrectly    ceded to Citi	[•]		[•]
Adjusted Rsrv Balance:	—		—		—	(A)
General Ledger: PSP030	B.U.	Deal ID	Book Code	Product
8.4 BU: PR2S	PrmRe	PrmRe80	stat	uncons
200109-FPB Reserves SW Asmd	[•]
200119-Waiver Reserve SW Asmd	[•]
141213-ETPR COI Reserves Frzn SW Asmd			[•]
141218-ETPR YRT Reserves Frzn SW Asmd			[•]
141207-ETPR COI Reserves SW Asmd			[•]
141203-ETPR YRT Reserves SW Asmd			[•]
	—		—		—
	—		—		—

IV-2

[•]
Claim Reserves	Direct Pending		ETPR Pending		ETPR Recoverables	Net
DL01: PLIC 80% SCWRA2-1 balance	[•]		[•]		[•]
Manual Adjustments:
IBNR - Direct	[•]
SSAP 55 (stat only adj)	[•]
IBNR - Coin			[•]
IBNR - Qsyrt			[•]
Clm Accrl	—
CTR & Spouse Conversions incorrectly ceded to Citi	[•]		[•]				(A)
Adjusted Claim Rsrv:	—		—		—	—
General Ledger: PSP030
	B.U.	Deal ID	Book Code	Product
	PrmRe	PrmRe80	comb stat	uncons
8.4 BU: PR2G 201202-Direct Pending Claims SW Asmd	[•]
PR2G   201213-Direct IBNR SW Asmd	[•]
PR2S   201213-Direct IBNR SW Asmd	[•]
PR2G   140803-ETPR Pending Clms YRT SW Asmd			[•]
PR2G   140813-ETPR YRT IBNR SW Asmd			[•]
PR2G   140807-ETPR Pending Clms COI SW Asmd			[•]
PR2G   140818-ETPR COI IBNR SW Asmd			[•]
PR2G   140823-ETPR Reins Recov Adj SW Asmd					-
PR2G   140603-ETPR Reins Recov YRT SW Asmd					[•]
PR2G   140607-ETPR Reins Recov COI SW Asmd					[•]
	—		—		—	—
	—		—		—	—

PFS_REINS_C	107
Year	Period	Unit	Deal	Product	Book Code	Account	Sum Amount	Base Curr
[•]	11	[•]	[•]	[•]	[•]	[•]	[•]	USD
[•]	11	[•]	[•]	[•]	[•]	[•]	[•]	USD

PFS_REINS_C	117
Year	Period	Unit	Deal	Product	Book Code	Account	Sum Amount	Base Curr
[•]	11	[•]	[•]	[•]	[•]	[•]	[•]	USD
[•]	11	[•]	[•]	[•]	[•]	[•]	[•]	USD

IV-3

Exhibit V-A

Milliman Information

1) Inventories of term life insurance policies in force as of June 30, 2009, including computer files and other listings of these records.

2) Current set of assumptions actually used for pricing the Custom Advantage Policy as provided by the Ceding Company.

3) Mortality and lapse studies prepared by the Ceding Company for the business in force.

4) Product characteristics and data including premium rates, policy fees, banding, commission rates, product benefit features, etc.

5) Ceding Company methodology and basis regarding statutory reserves and tax reserves.

6) Information on the terms of existing reinsurance agreements with third parties.

7) Information with respect to the current unit expenses of the Ceding Company.

V-A-1

Exhibit V-B

Milliman Information

1) Actual recent financial data for the Covered Liabilities.

V-B-1

Exhibit VI

Milliman Report

[See attached]

VI-1

ACTUARIAL ANALYSIS OF

PRIMERICA LIFE INSURANCE COMPANY

AS OF JUNE 30, 2009

PREPARED FOR:

Citigroup, Inc.

PREPARED BY:

Bruce W. Winterhof, F.S.A., M.A.A.A.

Yiping Yang, F.S.A., M.A.A.A.

Laird D. Zacheis, F.S.A., M.A.A.A.

September 14, 2009

Revised October 23, 2009

Milliman

71 S. Wacker Drive, 31st Floor

Chicago, IL 60606

Tel +1 312 726.0677

Fax +1 312 499.5700

www.milliman.com

September 14, 2009

Revised October 23, 2009

Mr. James von Moltke	Mr. D. Richard Williams
M&A Group Manager	Co-Chief Executive Officer &
Citigroup Inc.	Chief Operating Officer
909 Third Avenue	Primerica Financial Services
New York, New York 10022	3120 Breckinridge Boulevard
	Duluth, Georgia 30099

Dear Sirs:

This report provides actuarial values and projections as of June 30, 2009 for the individual life and annuity business of Primerica Life Insurance Company. This report reflects updates to our September 14, 2009 report for certain reinsurance treaty terms and other refinements to the projections.

Section I outlines the scope and qualifications associated with the analysis. Actuarial values and yearly statutory profits are summarized in Section II. Section III and the Appendices summarize the methodology, models and actuarial assumptions underlying the developed values.

This report is a statement of actuarial opinion under guidelines promulgated by the American Academy of Actuaries. The undersigned professionals are members of the American Academy of Actuaries and meet the Qualification Standards of the American Academy of Actuaries to render the opinion contained herein.

The professionals responsible for developing the actuarial values in this report are available to answer any questions regarding the assumptions and procedures underlying the values. Please contact us if any questions are raised.

Sincerely,

/s/ Laird D. Zacheis	/s/ Yiping Yang
Laird D. Zacheis, F.S.A., M.A.A.A.	Yiping Yang, F.S.A., M.A.A.A.
Consulting Actuary	Consulting Actuary

LDZ/YY:jk

Offices in Principal Cities Worldwid

TABLE OF CONTENTS

SECTION		PAGE
I.	Introduction and Qualifications	1
II.	Summary of Results	4
III.	Product Descriptions, Methodology and Actuarial Assumptions	27
APPENDIX
A	Asset and Investment Assumptions	A-1
B	Liability Models and Assumptions	B-1
C	Detailed Statutory Income Projections	C-l

Milliman

SECTION I

Introduction and Qualifications

Milliman, Inc. (“Milliman”) was retained by Citigroup, Inc. (“Citi”) to perform certain actuarial analyses with respect to the life insurance business in Primerica Life Insurance Company (“Primerica” or “PLIC”). PLIC is wholly owned through various holding companies by Citi.

Specifically, our assignment has been to develop projected statutory earnings arising from the existing and new individual life business of Primerica and to calculate present values of these future earnings using discount rates of 11%, 13% and 15%.

The Primerica business consists primarily of level term traditional life business. Primerica markets through a network of about 100,000 independent agents who are primarily part-time, and who are exclusive to Primerica. The term business sold through this network is referred to generally as “term” in this report.

Milliman is frequently engaged to prepare such analyses of life insurance companies. The approach followed in this situation is consistent with methodology we have generally employed in previous engagements.

We have prepared this report with the understanding that it will be used by Citi and its advisors to analyze the potential value of Primerica. The report is intended to provide certain actuarial information and analyses as of June 30, 2009 that would assist a qualified actuary, technically competent in the area of actuarial appraisals, to develop an estimate of (1) the adjusted statutory book value of the companies as of June 30, 2009; (2) the projected amounts and present values of future statutory profits from insurance in force as of June 30, 2009; and (3) the projected amounts and present values of future statutory profits from insurance written after June 30, 2009.

In order to fully comprehend this report, any user of this report should be advised by an actuary with a substantial level of expertise in areas relevant to this analysis to appreciate the significance of the underlying assumptions and the impact of those assumptions on the illustrated results. This report must be read in its entirety to be understood.

This report may not be distributed, disclosed, copied or otherwise furnished to any party without our prior consent. Any distribution of this report must be in its entirety.

Nothing included in this report is to be used in any filings with any public body, such as but not limited to the Securities and Exchange Commission or State Insurance Departments, without prior written consent from Milliman. We understand this report may be shared with the Massachusetts Department of Insurance.

We have projected future statutory profits computed according to regulatory reporting criteria. The validity of these projections depends on how well future experience conforms to our assumptions. Our assumptions for future mortality, persistency, expenses, investment return and other actuarial factors are based on our evaluation of recent experience of Primerica, industry experience and anticipated future trends. The approach employed to develop the projection assumptions is described below.

1. Mortality and persistency assumptions are based on the experience of Primerica and on general industry experience.

2. Expenses were projected as a combination of unit expense allowables and excess costs to reproduce the budgeted expenses of Primerica.

3. Future investment income reflects a new money investment yield of 5.70% based on assumptions for asset yield, quality, and maturity provided by Primerica. The projections are based on the June 30, 2009 interest rate environment.

4. Financing of excess level term reserves is reflected based on a net cost of 300 bp of outstanding amounts per year.

5. New business production assumptions were provided by Primerica and are summarized in Section II.

- 1 -

Milliman

Actual experience may differ from that assumed in the projections. To the extent actual experience is different from the assumptions underlying this Report, so will actual results differ from the projected results shown here. Sensitivity of results to changes in assumptions is provided as part of Section II, Summary of Results.

Rationale for Statutory Approach

Our development of the projected amounts and actuarial values in this report reflect statutory accounting practices. Two reasons why we believe it is appropriate to analyze a life company using the statutory approach are:

1) Statutory accounting determines the availability of earnings for dividends to life company shareholders.

2) Statutory surplus constitutes the funds available for investments in new business or other ventures requiring capital.

Relationship to Market Value

An actuarial appraisal value does not necessarily represent the value of a company's stock in the open market. Rather, it is derived from a projection of future earnings and therefore reflects the value of a company's earnings potential under a specific set of assumptions. Assignment of a value to any business enterprise is also a matter of informed judgment. Purchase or sales price is determined by the parties involved, based on their respective evaluations of all relevant factors, including:

1) the perspective of the buyer and the seller and the level of confidence regarding the assumptions underlying projected earnings,

2) the desired rate of return and the associated cost of capital,

3) the degree of urgency associated with the sale or acquisition,

4) economies of scale and scope associated with the potential transaction, and

5) significant tax or other consequences/benefits, unique to a proposed transaction, which can have an effect on fair market value.

Data Reliance

We have relied on information supplied by Primerica as well as on published financial information. We performed no audits or independent verification of the information furnished to us. To the extent that there are any material errors in the information provided, the results of our analysis will be affected as well. The principal materials relied upon include:

1) Information contained in the public and internal statutory and GAAP financial statements of Primerica.

2) Inventory of insurance policies as of June 30, 2009, December 31, 2008 and December 31, 2007.

3) Information on business inforce, including schedules or electronic files of premiums, policy benefits, commission rates, cost of insurance charges, description of guaranteed benefits, and other policy benefits.

4) Information relating to Primerica’s statutory reserve practices.

5) Current and historical pricing assumptions.

6) Information and analysis prepared by Primerica on recent mortality and persistency experience.

7) Information on invested assets as of June 30, 2009.

8) Information on new investment strategy.

9) Information on statutory/tax asset and reserve assumptions and differences and other information with respect to Federal income taxes.

10) Information on the terms of reinsurance agreements.

- 2 -

Milliman

11) Information on future premium production volumes, products, and mix of riders and other guaranteed benefits.

12) Information on future expenses.

13) Information on excess reserve financing costs provided by Primerica and Citi.

14) Information on terms of reinsurance between Primerica and PrimeRe, a newly formed captive owned by Citi.

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.SECTION II

Summary of Results

Summary of Actuarial Appraisal Values

Table I summarizes the present value of future statutory profits from business inforce on June 30, 2009, and the development of the reinsurance ceding commission for 80% of the inforce business. The business values are based upon thirty years of projected profits. Amounts reflect cost of capital based on 300% of NAIC RBC (Company Action Level).

Table I 80% of PLIC Inforce Business Actuarial Appraisal Value (As of June 30, 2009, in millions)
		11	%		13	%		15	%
Pre-Tax Value	$	3,667		$	3,361		$	3,108
Taxes		(1,070)			(959)			(867)
Cost of Capital at 300% RBC		(144)			(166)			(184)
Total After-tax	$	2,454		$	2,236		$	2,057
Tax Benefit on Reinsurance		1,047			923			819
Total Value	$	3,500		$	3,159		$	2,876

PLIC is coinsuring an additional 10% of the inforce to PrimeRe under a treaty that incorporates an experience refund for the business, as described later in this Section. The effect of the experience refund is to transfer back to PLIC the profits of the business on an economic reserve basis, subject to a cap on the mortality. For this treaty, the ceding commission is assumed to equal the difference between statutory and economic reserves, as estimated below:

PLIC 10% Coinsurance Treaty (in millions)
Statutory Reserve	$	403
Economic Reserve		56
Ceding Commission	$	347

Tables II and III provide a summary of ten years of projected after-tax statutory profits for Primerica Life assuming ten years of projected new business, and after the reinsurance of the inforce business to

PrimeRe, a newly formed captive owned by Citi. No dividends are reflected out of PLIC. Tables IV and V provide a summary of the ten-year statutory income statements for PrimeRe.

Summaries of assumptions for each line of business are provided in Section III and in the Appendices. Detailed projections of annual statutory profits and present values of profit by line of business are provided in Appendix C.

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Table II Primerica Life Line of Business Statutory Projection (in millions of dollars)
Year Ending June 30,	2009			2010			2011				2012			2013			2014			2015			2016			2017			2018			2019
Existing Business at 06/30/2009
Primerica - Net (Before New Conversions)				$	210.6		$	143.0			$	137.7		$	133.5		$	129.4		$	124.2		$	122.1		$	123.7		$	128.3		$	130.3
Primerica New Conversions - Net					(42.4	)		0.2				(0.1	)		(1.7	)		(3.0	)		(3.4	)		(3.8	)		(12.2	)		(13.0	)		(18.5	)
Miscellaneous Primerica					12.3			12.0			11.9				11.9			12.0			12.0			12.0			12.0			12.0			11.9
Total Existing Business				$	180.6		$	155.1			$	149.5		$	143.7		$	138.3		$	132.8		$	130.4		$	123.6		$	127.3		$	123.8
Ten Years of New Business from 06/30/2009
Traditional Life				$	(200.8	)	$	(180.2		)	$	(157.0	)	$(134.4)			$	(109.9	)	$	(86.5	)	$	(60.7	)	$	(31.2	)	$	1.7		$	38.2
Primerica Waiver of Premium					0.6			1.5				2.3		3.1				3.9			4.8			5.7			6.6			7.6			8.7
Primerica Retained Asset Account					0.2			0.5				0.9		1.3				1.7			2.3			2.9			3.5			4.3			5.1
Total New Business				$	(200.0	)	$	(178.2		)	$	(153.8	)	$	(130.0	)	$	(104.2	)	$	(79.4	)	$	(52.1	)	$	(21.1	)	$	13.6		$	52.0
Unallocated Expense					(16.7	)		(16.7		)		(16.7	)	(16.7		)		(16.7	)		(16.7	)		(16.7	)		(16.7	)		(16.7	)		(16.7	)
Change in Internal Reserve Financing				23.4			(0.1)					(6.8	)	(37.2		)		(36.0	)		(35.1	)		(34.8	)		(34.4	)		(33.8	)		(31.9	)
Interest Cost on Internal Reserve Financing					(30.1	)		(32.1		)		(32.1	)	(31.5		)		(28.3	)		(25.2	)		(22.1	)		(19.1	)		(16.1	)		(13.2	)
Interest on Capital, Surplus & AVR					21.9			21.3				19.1		17.5				15.1		14.0				14.2		16.0				19.4			25.5
Total Pre-Tax Earnings				$	(20.9	)	$	(50.6		)	$	(40.7	)	$	(54.1	)	$	(31.7	)	$	(9.5	)	$	18.8		$	48.4		$	93.8		$	139.6
Federal Income Tax (35.0%)					—			—				—			—			—			—			—			—			—			(67.8	)
NBL Distributed Earnings					11.3			12.2			12.2			12.3				12.5		12.3				12.3			12.2		12.8				13.5
After-Tax Earnings				$	(9.7	)	$	(38.4		)	$	(28.5	)	$	(41.9	)	$	(19.2	)	$	2.8		$	31.2		$	60.6		$	106.7		$	85.4
Distributed Earnings (Target RBC Ratio=300%)	$	20.0		$	—		$		—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
General Account Liabilities	$	673.7		$	682.3		$	731.7			$	832.4		$	978.1		$	1,163.9		$	1,387.8		$	1,645.5		$	1,927.3		$	2,247.5		$	2,605.5
Separate Account Liabilities		—			—			—				—			—			—			—			—			—			—			—
General Account Tax Reserve (Net of DAC)		(50.7	)		(5.9	)		90.8				232.1		409.3				615.6			846.6			1,096.7			1,354.2			1,631.0			1,928.1
External Reserve Financing (w/LOC @300bp)		—			—			—				—		—				—			—			—			—			—			—
50% Inforce Internal Reserve Financing    (w/LOC @300bp)		345.8			369.2			369.1				362.4		325.2			289.2				254.1		219.3			185.0				151.2			119.3
Interest Maintenance Reserve		—			—			—				—			—			—			—			—			—			—			—
Capital, Surplus & AVR Excluding NBL		384.0			374.3			335.9				307.4			265.6			246.4			249.2			280.4			341.0			447.7			533.0
NBL Carrying Value		150.0			150.0			150.0				150.0			150.0		150.0				150.0			150.0			150.0			150.0			150.0
Capital, Surplus & AVR Including NBL		534.0		524.3				485.9				457.4			415.6			396.4			399.2			430.4			491.0			597.7			683.0
NAIC RBC (Company Action Level)		90.0			93.3			97.2				101.7			107.1			113.1			119.6			126.9			135.5			145.0			155.6
RBC Ratio (Company Action Level)		593.2	%		562.0	%		499.8		%		449.8	%		388.1	%		350.6	%		333.9	%		339.1	%		362.4	%		412.3	%		438.9	%

Note: Interest on Capital, Surplus, & AVR is based on a net earnings rate of 5.70%.

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Table III Primerica Life Projected Statutory Operating Results (in millions of dollars)
Year Ending June 30,	2009			2010			2011			2012			2013			2014			2015			2016			2017			2018			2019
Existing and New Business
Gross Premium Income				$	422.6		$	546.2		$	666.1		$	787.2		$	911.3		$	1,040.6		$	1,176.9		$	1,345.0		$	1,539.9		$	1,736.5
Reinsurance Premiums (Net of    Allowances)					(118.1	)		(142.6	)		(171.8	)		(205.1	)		(242.6	)		(283.2	)		(328.2	)		(396.4	)		(470.3	)		(550.3	)
Allowances From PrimeRe					92.1			85.3			80.8			77.3			74.3			71.5			69.2			65.1			61.3			57.8
Investment Income					79.3			82.4			84.7			89.9			96.6			106.6			119.8			136.0			155.8			180.2
Total Income				$	475.9		$571.4			$	659.8		$	749.3		$	839.6		$	935.5		$	1,037.7		$	1,149.6		$	1,286.7		$	1,424.1
Surrender, Health and Other Benefits				$	33.7		$	12.7		$	8.4		$	7.7		$	8.1		$	9.0		$	10.6		$	12.2		$	14.4		$	16.5
Direct Death Benefits					182.1		207.0				235.9			269.4			306.9			348.3			393.8			456.1			534.4			616.3
Reinsurance Death Benefits					(103.9	)		(126.4	)		(152.4	)		(182.3	)		(215.9	)		(253.1	)		(293.7	)		(348.4	)		(417.1	)		(490.6	)
Cost of Financing					30.1			32.1			32.1			31.5			28.3			25.2			22.1			19.1			16.1			13.2
Reserve Increase					5.9			46.8			100.9			172.9			208.7			243.4			273.0			292.1			327.5			362.7
Expense (Other Than Premium Tax)    (Incl Unalloc)					158.2			162.5			168.7			176.1			184.4			194.2			205.3			217.4			230.2			244.1
Premium Tax					35.1		36.0				37.4		39.0				40.8			42.9			45.1			47.5			50.2			53.1
Commission					155.6			251.4			269.4			289.1			310.1			335.2			362.8			405.3			437.2			469.2
Total Benefits and Expenses				$	496.8		$	622.0		$	700.5		$	803.5		$	871.3		$	945.0		$	1,018.9		$	1,101.2		$	1,192.9		$	1,284.5
Total Pre-Tax Earnings				$	(20.9	)	$	(50.6	)	$	(40.7	)	$	(54.1	)	$	(31.7	)	$	(9.5	)	$	18.8		$	48.4		$	93.8		$	139.6
Federal Income Tax (35.0%)					—			—			—			—			—			—			—			—			—			(67.8	)
NBL Distributed Earnings					11.3			12.2			12.2			12.3			12.5			12.3			12.3			12.2			12.8			13.5
After-Tax Earnings				$	(9.7	)	$(38.4		)	$	(28.5	)	$	(41.9	)	$	(19.2	)	$	2.8		$	31.2		$	60.6		$	106.7		$	85.4
Distributed Earnings (Target RBC    Ratio=300%)	$	20.0		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
General Account Liabilities	$	673.7		$	682.3		$	731.7		$	832.4		$	978.1		$	1,163.9		$	1,387.8		$	1,645.5		$	1,927.3		$	2,247.5		$	2,605.5
Separate Account Liabilities		—			—			—			—			—		—				—			—			—			—			—
General Account Tax Reserve (Net of    DAC)		(50.7	)		(5.9	)		90.8			232.1			409.3			615.6			846.6			1,096.7			1,354.2			1,631.0			1,928.1
External Reserve Financing (w/LOC    @300bp)		—			—			—			—			—			—			—			—			—			—			—
50% Inforce Internal Reserve    Financing (w/LOC @300bp)		345.8			369.2			369.1			362.4			325.2			289.2		254.1				219.3			185.0			151.2			119.3
Interest Maintenance Reserve		—			—			—			—			—			—			—			—			—			—			—
Capital, Surplus & AVR		534.0			524.3			485.9			457.4			415.6			396.4			399.2			430.4			491.0			597.7			683.0
NAIC RBC (Company Action Level)		90.0			93.3			97.2			101.7			107.1			113.1			119.6			126.9			135.5			145.0			155.6
RBC Ratio (Company Action Level)		593.2	%		562.0	%		499.8	%		449.8	%		388.1	%		350.6	%		333.9	%		339.1	%		362.4	%		412.3	%		438.9	%

Note: Interest on Capital, Surplus, & AVR is based on a net earnings rate of 5.70%.

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Table IV PrimeRe
Line of Business Statutory Projection (post-tax; in millions of dollars)
Year Ending June 30,	2009			2010			2011			2012			2013			2014			2015			2016			2017			2018			2019
Existing Business at 06/30/2009
Term — Net (Before New Conversions)				$	534.4		$	572.0		$	550.7		$	533.9		$	517.4		$	496.8		$	488.5		$	477.0		$	453.7		$	421.9
Term — New Conversions - Net					(169.3	)	0.7				(0.3	)		(6.7	)		(11.9	)		(13.6	)		(15.0	)		(7.6	)		(4.9	)	2.2
Canada Segregated Funds					—			—			—			—			—			—			—			—			—			—
Miscellaneous				$	12.3		$	11.4		$	10.7		$	10.1		$	9.6		$	9.0		$	8.5		$	7.9		$	7.4		$	7.0
Total Existing Business				$	377.4		$	584.1		$	561.1		$	537.4		$	515.0		$	492.2		$	482.0		$	477.3		$	456.3		$	431.1
Ten Years of New Business from 06/30/2009 N/A				$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Total New Business				$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Unallocated Expense					(5.0	)		(5.0	)		(5.0	)		(5.0	)		(5.0	)		(5.0	)		(5.0	)		(5.0	)		(5.0	)		(5.0	)
Change in Internal Reserve Financing					(23.4	)	0.1			6.8			37.2			36.0			35.1			34.8			34.4			33.8			31.9
Interest Cost on Internal Reserve Financing					30.1			32.1			32.1			31.5			28.3			25.2		22.1				19.1			16.1			13.2
Interest on Capital, Surplus & AVR					17.3			16.3			15.2			14.4			13.5			12.6			11.9		11.2				10.4			9.6
Total Pre-Tax Earnings				$	396.4		$	627.6		$	610.2		$	615.5		$	587.8		$	560.1		$	545.8		$	537.0		$	511.5		$	480.7
Federal Income Tax (35.0%)					(175.8	)		(200.5	)		(193.8	)		(196.5	)		(187.7	)		(178.9	)		(175.1	)		(173.6	)		(166.3	)		(157.6	)
After-Tax Earnings				$	220.6		$	427.0		$	416.5		$	419.0		$	400.1		$	381.2		$	370.7		$	363.4		$	345.2		$	323.1
Distributed Earnings	$	—		$	238.1		$	445.0		$	431.9		$	434.1		$	415.3		$	393.6		$	383.3		$	377.8		$	359.3		$	337.0
General Account Liabilities	$	3,443.7		$	3,635.0		$	3,615.4		$	3,556.5		$	3,438.6		$	3,294.6		$	3,130.8		$	2,936.1		$	2,717.3		$	2,471.8		$	2,208.8
Separate Account Liabilities		—			—			—			—			—			—			—			—			—			—			—
General Account Tax Reserve (Net of DAC)		2,642.4			2,685.6			2,712.5			2,706.6			2,667.5			2,597.0			2,503.3			2,373.6			2,215.1			2,025.2			1,812.0
External Reserve Financing (w/LOC @300bp)		—			—			—			—			—			—			—			—			—			—			—
50% Inforce Internal Reserve Financing (w/LOC @300bp)		(345.8	)		(369.2	)	(369.1)				(362.4	)		(325.2	)		(289.2	)		(254.1	)		(219.3	)		(185.0	)		(151.2	)		(119.3	)
Interest Maintenance Reserve		—			—			—			—			—			—			—			—			—			—			—
Capital, Surplus & AVR		303.0			285.4			267.5			252.0			236.9			221.7			209.3			196.7			182.3			168.2			154.3
NAIC RBC (Company Action Level)		101.0			95.1			89.2			84.0			79.0			73.9			69.8			65.6			60.8			56.1			51.4
RBC Ratio (Company Action Level)		300.0	%		300.0	%	300.0%				300.0	%		300.0	%		300.0	%		300.0	%		300.0	%		300.0	%		300.0	%		300.0	%

Note: Interest on Capital, Surplus, & AVR is based on a net earnings rate of 5.70%.

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Table V PrimeRe
Projected Statutory Operating Results (in millions of dollars)
Year Ending June 30,	2009			2010			2011			2012			2013			2014			2015			2016			2017			2018			2019
Existing and New Business
Gross Premium Income				$	1,330.7		$	1,255.1		$	1,202.9		$	1,163.9		$	1,132.6		$	1,104.5		$	1,079.1		$	1,030.3		$	969.7		$	920.1
Reinsurance Premiums (Net of Allowances)					(421.0	)		(435.9	)		(452.3	)		(470.4	)		(489.8	)		(505.1	)		(519.0	)		(515.0	)		(507.7	)		(501.5	)
Seg Fund Policy Charges					—			—			—			—			—			—			—			—			—			—
Investment Income					205.7			212.9			209.3			204.1			197.4			189.3			180.3			169.9			157.5			143.8
Total Income				$	1,115.4		$	1,032.1		$	959.9		$	897.6		$	840.2		$	788.8		$	740.5		$	685.1		$	619.4		$	562.3
Surrender, Health and Other Benefits				$	46.7		$	45.0		$	41.7		$	39.5		$	37.8		$	36.3		$	34.8		$	33.7		$	32.2		$	30.7
Direct Death Benefits					665.3			661.3			671.3			684.7			698.7			712.4			723.9			721.0			702.8			682.3
Reinsurance Death Benefits					(366.7	)		(373.2	)		(387.1	)		(402.5	)		(418.7	)		(434.1	)		(447.5	)		(450.2	)		(441.2	)		(428.9	)
Cost of Financing					(30.1	)		(32.1	)		(32.1	)		(31.5	)		(28.3	)		(25.2	)		(22.1	)		(19.1	)		(16.1	)		(13.2	)
Reserve Increase					190.2			(20.4	)		(59.0	)		(117.6	)		(142.4	)		(162.0	)		(192.7	)		(219.7	)		(246.8	)		(262.3	)
Expense Allowances					92.1			85.3			80.8			77.3			74.3			71.5			69.2			65.1			61.3			57.8
Other Expenses					5.0			5.0			5.0			5.0			5.0			5.0			5.0			5.0			5.0			5.0
Commission					116.6			33.6			29.0			27.2			26.0			24.8			24.0			12.6			10.8			10.3
Total Benefits and Expenses				$	719.0		$	404.6		$	349.6		$	282.1		$	252.4		$	228.7		$	194.7		$	148.3		$	107.9		$	81.7
Total Pre-Tax Earnings				$	396.4		$	627.6		$	610.2		$	615.5		$	587.8		$	560.1		$	545.8		$	536.9		$	511.5		$	480.6
Federal Income Tax (35.0%)					(175.8	)		(200.5	)		(193.8	)		(196.5	)		(187.7	)		(178.9	)		(175.1	)		(173.6	)		(166.3	)		(157.6	)
After-Tax Earnings				$	220.6		$	427.0		$	416.5		$	419.0		$	400.1		$	381.2		$	370.7		$	363.3		$	345.1		$	323.0
Distributed Earnings (Target RBC Ratio=300%)	$	—		$	238.1		$	445.0		$	431.9		$	434.1		$	415.3		$	393.6		$	383.3		$	377.8		$	359.3		$	337.0
General Account Liabilities	$	3,443.7		$	3,635.0		$	3,615.4		$	3,556.5		$	3,438.6		$	3,294.6		$	3,130.8		$	2,936.1		$	2,717.3		$	2,471.8		$	2,208.8
Separate Account Liabilities		—			—			—			—			—			—			—			—			—			—			—
General Account Tax Reserve (Net of DAC)		2,642.4			2,685.6			2,712.5			2,706.6			2,667.5			2,597.0			2,503.3			2,373.6			2,215.1			2,025.2			1,812.0
External Reserve Financing (w/LOC @300bp)		—			—			—			—			—			—			—			—			—			—			—
50% Inforce Internal Reserve Financing (w/LOC @300bp)		(345.8	)		(369.2	)		(369.1	)		(362.4	)		(325.2	)		(289.2	)		(254.1	)		(219.3	)		(185.0	)		(151.2	)		(119.3	)
Interest Maintenance Reserve		—			—			—			—			—			—			—			—			—			—			—
Capital, Surplus & AVR		303.0			285.4			267.5			252.0			236.9			221.7			209.3			196.7			182.3			168.2			154.3
NAIC RBC (Company Action Level)		101.0			95.1			89.2			84.0			79.0			73.9			69.8			65.6			60.8			56.1			51.4
RBC Ratio (Company Action Level)		300.0	%		300.0	%		300.0	%		300.0	%		300.0	%		300.0	%		300.0	%		300.0	%		300.0	%		300.0	%		300.0	%

Note: Interest on Capital, Surplus, & AVR is based on a net earnings rate of 5.70%.

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Milliman

Discount Rates

The actuarial appraisal values were developed using discount rates of 11%, 13%, and 15%. Table I illustrates the importance of the discount rate in the determination of the value of profits from the business.

New Business

New business is projected to grow based on Primerica’s business plan. Life insurance production is stated in terms of annualized issued premium. No new production is assumed after ten years.

Primerica Production Amounts (annualized issued premium, in millions of $)
							Growth Rate
Product Line	Year 1		Year 2		Year 3		Years 4-5			Years 6+
Life – U.S.	$	180.0	$	192.6	$	206.1		7	%		8	%

Of the U.S. life production, 7.5% is assumed to be in National Benefit Life (NBL), PLIC’s New York subsidiary.

Reserve Financing

Primerica Life reserves for all term business using segmented reserves, both before and after the introduction of Guideline XXX in 2000. The development of the ceding commission reflects reserve financing based on the following assumptions:

• For the business in PLIC, $1 billion of reserve financing is assumed; spread pro-rata over the excess reserves on the inforce block of business.

• The amount of excess reserve is assumed to be the statutory reserve less the greater of the economic reserve or zero, for the block in total. Economic reserves are gross premium reserves over the level period only, and are defined in more detail in Section III. A summary of the reserves is shown below.

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Milliman

Primerica Life Excess Reserve Summary by Issue Year As of June 30, 2009 (in millions)
Issue Year	Statutory Reserve			Economic Reserve
2009	$	99		$	(170	)
2008		245			(301	)
2007		275			(271	)
2006		199			(200	)
2005		218			(154	)
2004		274			(110	)
2003		255			(86	)
2002		240			(58	)
2001		253			(38	)
2000		239			15
1999		154			13
1998		136			30
1997		138			27
1996		155			34
1995		134			29
1994		111			10
1993		114			7
1992		100			14
1991		73			15
1990		45			10
1989		(5	)		(3	)
Total	$	3,451		$	(1,188	)

• The cost of financing is assumed to be 300 bp of amounts outstanding.

• Tax reserves are projected based on the Company’s current methodology.

The projections of the 20% of the inforce business remaining in PLIC, along with the new business, does not reflect any external reserve financing.

General Expense and Commissions

The unit expense assumptions were developed based on a combination of Primerica’s internal pricing allowables for acquisition costs and target allowables for maintenance. The difference between Primerica’s budgeted expenses and the unit cost allowable of $29 million was reflected as an unallocated expense and held constant for a period consistent with new business production.

Primerica does not perform a detailed allocation of shared expenses to the non-life product lines. Therefore, a significant portion of the unallocated expense represents shared expenses that support other business segments. In addition, the unallocated expense includes amounts that provide shared support for Primerica’s distribution system, for both life and non-life businesses.

PLIC has cost-sharing agreements and management agreements in place with its non-life affiliates. For purposes of a PLIC-only projection, excess experience is reduced by a net $12 million for these agreements.

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Milliman

The projections reflect commission on a paid basis. Under the reinsurance treaty, PrimeRe will reimburse PLIC for commissions on an earned basis. In the first projection year, this results in an increase in the commission reimbursement by about $61.6 million for 80% of the business, which is reflected as an aggregate adjustment in Table I, and the ten-year projections. Subsequent years are not impacted.

Statutory Surplus Levels. Cost of Required Capital, and Risk Based Capital

The approach used to project yearly profits underlying the present values reflects an assumption that all future earnings from inforce and new business are paid out as reported. Included in this calculation is provision for the minimum level of statutory net worth required to continue favorable regulatory and rating agency treatment. Tables II and III provide a projection of capital, surplus, and AVR levels assuming all statutory earnings are paid out in excess of the funds required to maintain a 300% NAIC RBC (Risk Based Capital - Company Action Level) ratio in Primerica.

The cost of retaining capital to support the ongoing insurance operations will depend on a) the level of capital believed necessary for the risks inherent in the insurance operations of Primerica and to achieve desired ratings from various rating agencies; and b) the differential between the rate of return realized on retained capital and a buyer’s desired rate of return for an acquisition. The cost of capital based on maintaining 300% NAIC RBC is provided for in Table I. The detailed factors used to develop projected RBC are summarized in Appendix A.

Federal Income Taxes

The actuarial appraisal values summarized in Table I have been adjusted for the effect of Federal income taxes, assuming a 35% tax rate. In evaluating the potential effect of taxes on value, one should consider:

a) Differences between tax and statutory reserves;

b) Impact of the D AC proxy tax; and

c) Other differences between tax and statutory amounts.

For purposes of this analysis, we have projected taxes as 35% of statutory income, adjusted as described below.

• The statutory reserve exceeds the tax reserve as of June 30, 2009 by approximately $890 million. The difference represents reserves that will eventually flow into statutory income but not taxable income.

• The impact of Deferred Acquisition Cost (DAC) proxy tax is based on the establishment of an asset for purposes of calculating taxable income equal to 7.70% of life insurance or 1.75% of annuity non-qualified direct premiums and reinsurance net cashflow. The resulting tax asset is assumed to be amortized over ten years. We also projected the amortization of the June 30, 2009 tax DAC balance of $635 million.

The 80% reinsurance transaction will be under an indemnity coinsurance arrangement. Under an indemnity coinsurance transaction, a reinsurer would receive a deduction of the tax-basis ceding commission. The Tax Benefit on Reinsurance in Table I is developed as follows:

1) DAC proxy tax is determined based on net consideration, including the initial net cash transfer, instead of premium

2) The excess ceding commission (on a tax basis) is assumed to be deductible immediately.

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Milliman

Reinsurance Between PLIC and Prime Re

The ten-year projections for PLIC and Prime Re reflect the following anticipated reinsurance terms:

1) PLIC coinsures 80% of the inforce Term business to Prime Re.

2) PLIC coinsures an additional 10% of the inforce Term business to Prime Re under a second treaty, which includes an experience refund. The experience refund is defined as:

Experience Refund	= Premiums — Claims — Expense Allowances
	- Increase in Economic Reserve (net of interest on economic reserve)
	- Finance charge

The Finance charge is assumed to be 3% of excess reserves (statutory reserve — economic reserve).

In addition, the following terms are reflected for EOT conversions and renewals:

• EOT conversions beginning in year 8 of the projection are assumed to be written in PLIC

• Similarly, PLIC has the right to recapture new EOT renewals beginning in year 8, and the projections assume PLIC will exercise this option.

Sensitivity Analysis

We have developed values and projections under the following changes in assumptions:

1) 110% of baseline mortality

2) 120% of baseline lapses (other than shock lapse)

3) 400% of baseline default rates on assets

4) New business production growth reduced to 3% in all years.

Results are summarized below.

PLIC Inforce Business at 80% Sensitivity Analysis (after-tax, cost of capital, before reinsurance tax benefit)
Scenario		11%		13%		15%
Baseline	$	2,454	$	2,236	$	2,057
1) 110% Mortality		2,306		2,106		1,940
2) 120% Lapse		2,404		2,203		2,037
3) 400% Defaults		2,369		2,159		1,987

The ten-year projections are included on the following pages.

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Milliman

Primerica Life: 110% Mortality Line of Business Statutory Projection (post-tax; in millions of dollars)
Year Ending June 30,	2009			2010			2011			2012			2013			2014			2015			2016			2017			2018			2019
Existing Business at 06/30/2009
Primerica - Net (Before New Conversions)				$	203.3		$	136.4		$	131.6		$	127.8		$	124.1		$	119.2		$	117.3		$	119.0		$	123.7		$	125.9
Primerica New Conversions - Net					(42.5	)	(0.5)				(1.2	)		(3.2	)		(4.9	)		(5.6	)		(6.1	)		(6.5	)		(6.3	)		(6.2	)
Miscellaneous Primerica					13.1		12.9				12.8			12.8			12.9			13.0			13.0			13.0			13.0			12.9
Total Existing Business				$	173.9		$	148.8		$	143.2		$	137.5		$	132.1		$	126.6		$	124.2		$	125.5		$	130.3		$	132.6
Ten Years of New Business from 06/30/2009
Traditional Life				$	(201.1	)	$	(181.1	)	$	(158.2	)	$	(136.1	)	$	(112.0	)	$	(89.1	)	$	(63.8	)	$	(34.9	)	$	(2.6	)	$	33.1
Primerica Waiver of Premium					0.6		1.5				2.3			3.1			3.9			4.8			5.7			6.6			7.6			8.7
Primerica Retained Asset Account					0.2		0.5				0.9			1.4			1.9			2.5			3.1			3.8			4.6			5.5
Total New Business				$	(200.4	)	$	(179.1	)	$	(155.0	)	$	(131.6	)	$	(106.2	)	$	(81.9	)	$	(55.1	)	$	(24.5	)	$	9.6		$	47.3
Unallocated Expense					(16.7	)	(16.7)				(16.7	)		(16.7	)		(16.7	)		(16.7	)		(16.7	)		(16.7	)		(16.7	)		(16.7	)
Change in Internal Reserve Financing					23.3		(0.2)				(11.8	)		(38.5	)		(37.2	)		(35.2	)		(34.8	)		(34.3	)		(33.5	)		(31.4	)
Interest Cost on Internal Reserve Financing					(30.1	)	(32.1)				(32.1	)		(31.1	)		(27.7	)		(24.5	)		(214	)		(18.4	)		(15.4	)		(12.5	)
Interest on Capital, Surplus & AVR					21.9		20.9				18.3			15.9			12.9			11.2			10.8			11.9			15.0			20.9
Total Pre-Tax Earnings				$	(28.1	)	$	(58.3	)	$	(54.1	)	$	(64.5	)	$	(42.7	)	$	(20.4	)	$	7.0		$	43.5		$	89.3		$	140.1
Federal Income Tax (35.0%)					0.0		(0.0		)		0.0			0.0			0.0			0.0			0.0			0.0			0.0			(46.1	)
NBL Distributed Earnings					11.3		12.2				12.2			12.3			12.5			12.3			12.3			12.2			12.8			13.5
After-Tax Earnings					(16.8	)	(46.1)				(41.9	)		(52.2	)		(30.2	)		(8.1	)		19.3			55.7			102.1			107.6
Distributed Earnings (Target RBC Ratio=300%)	$	20.0		$	0.0		$	0.0		$	0.0		$	0.0		$	0.0		$	0.0		$	0.0		$	0.0		$	0.0		$	0.0
General Account Liabilities	$	673.7		$	709.2		$	759.0		$	860.6		$	1,007.5		$	1,194.6		$	1,419.9		$	1,679.0		$	1,968.9		$	2,289.9		$2,638.2
Separate Account Liabilities		0.0			0.0		0.0				0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
General Account Tax Reserve (Net of DAC)		(50.7	)		20.4		116.7				258.0			435.4			641.9			873.1			1,123.2			1,388.0			1,666.2			1,955.0
External Reserve Financing (w/LOC @300bp)		0.0			0.0		0.0				0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
50% Inforce Internal Reserve Financing (w/LOC @300bp)		345.8			369.1		368.9				357.1			318.6			281.5			246.3			211.5			177.3			143.7			112.3
Interest Maintenance Reserve		0.0			0.0		0.0				0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Capital, Surplus & AVR Excluding NBL		384.0			367.2		321.1				279.2			227.0			196.8			188.7			208.1			263.8			365.9			473.5
NBL Carrying Value		150.0			150.0		150.0				150.0			150.0			150.0			150.0			150.0			150.0			150.0			150.0
Capital, Surplus & AVR Including NBL		534.0			517.2		471.1				429.2			377.0			346.8			338.7			358.1			413.8			515.9			623.5
NAIC RBC (Company Action Level)		90.0			93.6		97.5				101.9			107.1			113.0			119.4			126.7			135.0			144.2			154.6
RBC Ratio (Company Action Level)		593.2	%		552.3	%	483.2%				421.4	%		352.0	%		306.8	%		283.6	%		282.6	%		306.6	%		357.7	%		403.2	%

Note: Interest on Capital, Surplus, & AVR is based on a net earnings rate of 5.70%.

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Milliman

Primerica Life: 110% Mortality Line of Business Statutory Projection (post-tax; in millions of dollars)
Year Ending June 30,	2009			2010			2011			2012			2013			2014			2015			2016			2017			2018			2019
Existing and New Business
Gross Premium Income				$	422.5		$	546.0		$	665.7		$	786.6		$	910.6		$	1,039.7		$	1,175.8		$	1,330.2		$	1,502.9		$	1,683.3
Reinsurance Premiums (Net of Allowances)					(118.0	)		(142.5	)		(171.6	)		(204.8	)		(242.3	)		(282.9	)		(327.7	)		(383.9	)		(445.8	)		(514.5	)
Allowances From PrimeRe					92.1			85.3			80.7			77.2			74.2			71.4			69.0		665				63.5			60.6
Investment Income					79.8			83.3			85.1			89.7			95.9			105.3			117.9			133.9			153.6			177.7
Total Income				$	476.4		$	572.1		$	659.9		$	748.6		$	838.3		$	933.4		$	1,035.0		$	1,146.7		$	1,274.3		$	1,407.0
Surrender, Health and Other Benefits				$	6.6		$	12.7		$	8.0		$	7.0		$	7.3		$	8.1		$	9.7		$	11.2		$	13.4		$	15.5
Direct Death Benefits					200.3			227.6			259.3			296.0			337.0			382.5			432.4			491.5			560.6			636.6
Reinsurance Death Benefits					(114.3	)		(139.0	)		(167.5	)		(200.4	)		(237.3	)		(278.0	)		(322.6	)		(375.5	)		(437.3	)		(505.9	)
Cost of Financing					30.1			32.1			32.1			31.1			27.7			24.5			21.4			18.4			15.4			12.5
Reserve Increase					32.8			47.2			106.8			175.3			211.1			244.7			274.3			300.0			328.0			352.5
Expense (Other Than Premium Tax) (Incl Unalloc)					158.2			162.4			168.6			176.1			184.3			194.1			205.2			217.2			230.1			243.9
Premium Tax					35.1			36.0			37.3			39.0			40.8			42.8			45.0			47.4			50.1			53.0
Commission					155.6			251.4			269.4			289.1			310.1			335.2			362.7			392.9			424.7			458.9
Total Benefits and Expenses				$	504.4		$	630.4		$	714.0		$	813.1		$881.0			$	953.8		$	1,028.0		$	1,103.2		$	1,185.0		$	1,266.9
Total Pre-Tax Earnings				$	(28.1	)	$	(58.3	)	$	(54.1	)	$	(64.5	)	$	(42.7	)	$	(20.4	)	$	7.0		$	43.5		$	89.3		$	140.1
Federal Income Tax (35.0%)					0.0			(0.0	)		0.0			0.0		0.0				0.0			0.0			0.0			0.0			(46.1	)
NBL Distributed Earnings					11.3			12.2			12.2			12.3		12.5				12.3			12.3			12.2			12.8			13.5
After-Tax Earnings				$	(16.8	)	$	(46.1	)	$	(41.9	)	$	(52.2	)	$	(30.2	)	$	(8.1	)	$	19.3		$	55.7		$	102.1		$	107.6
Distributed Earnings (Target RBC Ratio=300%)	$	20.0		$	0.0		$	0.0		$	0.0		$	0.0		$	0.0		$	0.0		$	0.0		$	0.0		$	0.0		$	0.0
General Account Liabilities	$	673.7		$	709.2		$	759.0		$	860.6		$	1,007.5		$	1,194.6		$	1,419.9		$	1,679.0		$	1,968.9		$	2,289.9		$	2,638.2
Separate Account Liabilities		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
General Account Tax Reserve (Net of DAC)		(50.7	)		20.4			116.7			258.0			435.4			641.9			873.1			1,123.2			1,388.0			1,666.2			1,955.0
External Reserve Financing (w/LOC @300bp)		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
50% Inforce Internal Reserve Financing (w/LOC @300bp)		345.8			369.1			368.9			357.1			318.6			281.5			246.3			211.5			177.3			143.7			112.3
Interest Maintenance Reserve		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Capital, Surplus & AVR		534.0			517.2			471.1			429.2			377.0			346.8			338.7			358.1			413.8			515.9			623.5
NAIC RBC (Company Action Level)		90.0			93.6			97.5			101.9			107.1			113.0			119.4			126.7			135.0			144.2			154.6
RBC Ratio (Company Action Level)		593.2	%		552.3	%		483.2	%		421.4	%		352.0	%		306.8	%		283.6	%		282.6	%		306.6	%		357.7	%		403.2	%

Note: Interest on Capital, Surplus, & AVR is based on a net earnings rate of 5.70%.

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Milliman

PrimeRe: 110% Mortality Line of Business Statutory Projection (post-tax; in millions of dollars)
Year Ending June 30,	2009			2010			2011			2012			2013			2014			2015			2016			2017			2018			2019
Existing Business at 06/30/2009
Term — Net (Before New Conversions)				$	505.4		$	545.7		$	526.3		$	511.2		$	496.4		$	476.9		$	469.3		$	458.7		$	436.7		$	406.2
Term — New Conversions - Net					(170.1	)		(1.9	)		(4.6	)		(12.7	)		(19.6	)		(22.4	)		(24.5	)		(26.1	)		(25.4	)		(24.9	)
Canada Segregated Funds					—			—			—			—			—			—			—			—			—			—
Miscellaneous					12.3			11.4			10.7			10.1			9.5			9.0			8.5			7.9			7.4			6.9
Total Existing Business				$	347.6		$	555.1		$	532.4		$	508.7		$	486.3		$	463.5		$	453.2		$	440.5		$	418.8		$	388.2
Ten Years of New Business from 06/30/2009
N/A				$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Total New Business				$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Unallocated Expense					(5.0	)		(5.0	)		(5.0	)		(5.0	)		(5.0	)		(5.0	)		(5.0	)		(5.0	)		(5.0	)		(5.0	)
Change in Internal Reserve Financing					(23.3	)		0.2			11.8			38.5			37.2			35.2			34.8			34.3			33.5			31.4
Interest Cost on Internal Reserve Financing					30.1			32.1			32.1			31.1			27.7			24.5			21.4			18.4			15.4			12.5
Interest on Capital, Surplus & AVR					17.3			16.3			15.2			14.3			13.5			12.6			11.9			11.2			10.4			9.6
Total Pre-Tax Earnings				$	366.7		$	598.7		$	586.5		$	587.6		$	559.7		$	530.7		$	516.3		$	499.4		$	473.1		$	436.8
Federal Income Tax (35.0%)					(165.4	)		(190.5	)		(185.6	)		(186.9	)		(178.0	)		(168.9	)		(165.1	)		(160.5	)		(153.4	)		(143.1	)
After-Tax Earnings				$	201.2		$	408.2		$	400.9		$	400.7		$	381.7		$	361.9		$	351.3		$	338.9		$	319.7		$	293.7
Distributed Earnings	$	—		$	218.8		$	426.2		$	416.5		$	415.9		$	396.9		$	374.3		$	363.9		$	352.6		$	333.3		$	307.0
General Account Liabilities	$	3,443.7		$	3,634.0		$	3,613.3		$	3,548.6		$	3,428.6		$	3,282.8		$	3,118.4		$	2,923.4		$	2,697.7		$	2,452.9		$	2,201.3
Separate Account Liabilities		—			—			—			—			—			—			—			—			—			—			—
General Account Tax Reserve (Net of DAC)		2,642.4			2,682.3		2,706.1				2,697.4			2,655.6			2,582.7			2,487.0			2,355.5			2,188.3			1,995.8			1,790.1
External Reserve Financing (w/LOC @300bp)		—			—			—			—			—			—			—			—			—			—			—
50% Inforce Internal Reserve Financing    (w/LOC @300bp)		(345.8	)		(369.1	)		(368.9	)		(357.1	)		(318.6	)		(281.5	)		(246.3	)		(211.5	)		(177.3	)		(143.7	)		(112.3	)
Interest Maintenance Reserve		—			—			—			—			—			—			—			—			—			—			—
Capital, Surplus & AVR		303.0			285.4			267.3			251.8			236.5			221.3			208.8			196.2			182.5			169.0			155.7
NAIC RBC (Company Action Level)		101.0			95.1			89.1			83.9			78.8			73.8			69.6			65.4			60.8			56.3			51.9
RBC Ratio (Company Action Level)		300.0	%		300.0	%		300.0	%		300.0	%		300.0	%		300.0	%		300.0	%		300.0	%		300.0	%		300.0	%		300.0	%

Note: Interest on Capital, Surplus, & AVR is based on a net earnings rate of 5.70%.

- 15 -

Milliman

PrimeRe: 110% Mortality Projected Statutory Operating Results (post-tax; in millions of dollars)
Year Ending June 30,	2009			2010			2011			2012			2013			2014			2015			2016			2017			2018			2019
Existing and New Business
Gross Premium Income				$	1,330.4		$	1,254.3		$	1,201.5		$	1,162.0		$	1,130.1		$	1,101.5		$	1,075.4		$	1,039.6		$	1,000.3		$	965.8
Reinsurance Premiums (Net of Allowances)					(420.8	)		(435.5	)		(451.7	)		(469.5	)		(488.7	)		(503.7	)		(517.4	)		(525.2	)		(529.4	)		(534.0	)
Seg Fund Policy Charges					—			—			—			—			—			—			—			—			—			—
Investment Income					204.9			212.0			208.3			203.1			196.3			188.3			179.2			168.4			155.8			142.3
Total Income				$	1,114.4		$	1,030.8		$	958.1		$	895.5		$	837.8		$	786.0		$	737.3		$	682.7		$	626.7		$	574.1
Surrender, Health and Other Benefits				$	46.8		$	45.0		$	41.7		$	39.6		$	37.8		$	36.3		$	34.8		$	33.7		$	32.2		$	30.7
Direct Death Benefits					731.7			727.0			737.6			751.8			766.7			781.3			793.5			799.0			795.5			786.4
Reinsurance Death Benefits					(403.4	)		(410.3	)		(425.4	)		(442.1	)		(459.6	)		(476.3	)		(490.8	)		(500.8	)		(504.3	)		(502.5	)
Cost of Financing					(30.1	)		(32.1	)		(32.1	)		(31.1	)		(27.7	)		(24.5	)		(21.4	)		(18.4	)		(15.4	)		(12.5	)
Reserve Increase					189.1		(21.5)				(64.8	)		(119.6	)		(144.2	)		(162.6	)		(193.1	)		(226.6	)		(246.1	)		(250.9	)
Expense Allowances					92.1			85.3			80.7			77.2			74.2			71.4			69.0			66.5			63.5			60.6
Other Expenses					5.0			5.0			5.0			5.0			5.0			5.0			5.0			5.0			5.0			5.0
Commission					116.6			33.6			29.0			27.2			26.0			24.8			24.0			25.0			23.3			20.6
Total Benefits and Expenses				$	747.8		$	432.1		$	371.7		$	307.9		$	278.1		$	255.3		$	221.0		$	183.4		$	153.6		$	137.4
Total Pre-Tax Earnings				$	366.7		$	598.7		$	586.5		$	587.6		$	559.7		$	530.7		$	516.3		$	499.4		$	473.1		$	436.7
Federal Income Tax (35.0%)					(165.4	)		(190.5	)	��	(185.6	)		(186.9	)		(178.0	)		(168.9	)		(165.1	)		(160.5	)		(153.4	)		(143.1	)
After-Tax Earnings				$	201.2		$	408.2		$	400.9		$	400.7		$	381.7		$	361.9		$	351.2		$	338.9		$	319.6		$	293.7
Distributed Earnings (Target RBC    Ratio=300%)	$	—		$	218.8		$	426.2		$	416.5		$	415.9		$	396.9		$	374.3		$	363.9		$	352.6		$	333.3		$	307.0
General Account Liabilities	$	3,443.7		$	3,634.0		$	3,613.3		$	3,548.6		$	3,428.6		$	3,282.8		$	3,118.4		$	2,923.4		$	2,697.7		$	2,452.9		$	2,201.3
Separate Account Liabilities		—			—			—			—			—			—			—			—			—			—			—
General Account Tax Reserve (Net of    DAC)		2,642.4			2,682.3			2,706.1			2,697.4			2,655.6			2,582.7			2,487.0			2,355.5			2,188.3			1,995.8			1,790.1
External Reserve Financing (w/LOC    @300bp)		—			—			—			—			—			—			—			—			—			—			—
50% Inforce Internal Reserve Financing    (w/LOC @300bp)	(345.8)				(369.1	)		(368.9	)		(357.1	)		(318.6	)		(281.5	)		(246.3	)		(211.5	)		(177.3	)		(143.7	)		(112.3	)
Interest Maintenance Reserve		—			—			—			—			—			—			—			—			—			—			—
Capital, Surplus & AVR		303.0			285.4			267.3			251.8			236.5			221.3			208.8			196.2			182.5			169.0			155.7
NAIC RBC (Company Action Level)		101.0			95.1			89.1			83.9			78.8			73.8			69.6			65.4			60.8		56.3				51.9
RBC Ratio (Company Action Level)		300.0	%		300.0	%		300.0	%		300.0	%		300.0	%		300.0	%		300.0	%		300.0	%		300.0	%		300.0	%		300.0	%

Note: Interest on Capital, Surplus, & AVR is based on a net earnings rate of 5.70%.

- 16 -

Milliman

Primerica Life: 120% Lapse Line of Business Statutory Projection (post-tax; in millions of dollars)
Year Ending June 30,	2009			2010			2011			2012			2013			2014			2015			2016				2017			2018			2019
Existing Business at 06/30/2009
Primerica - Net (Before New Conversions)				$	218.6		$	148.6		$	140.6		$	134.3		$	128.2		$	121.2		$	117.3			$	116.8		$	119.1		$	118.7
Primerica New Conversions - Net					(42.2	)		0.6			0.2			(1.3	)		(2.6	)		(3.0	)		(33		)		(3.5	)		(3.1	)		(2.8	)
Miscellaneous Primerica					12.3			11.7			11.5			11.4			11.4			11.3			11.3				11.2			11.0			10.9
Total Existing Business				$	188.6		$	160.9		$	152.4		$	144.4		$	136.9		$	129.5		$	125.2			$	124.5		$	127.0		$	126.8
Ten Years of New Business from 06/30/2009
Traditional Life				$	(201.4	)	$	(181.8	)	$	(160.7	)	$	(140.5	)	$	(118.9	)	$	(99.3	)	$	(78.0		)	$	(54.1	)	$	(27.8	)	$	0.8
Primerica Waiver of Premium					0.6			1.4			2.2			2.9			3.6			4.4			5.2				6.0			6.9			7.8
Primerica Retained Asset Account					0.2			0.5			0.8			1.2			1.6			2.1			2.6				3.2			3.9			4.6
Total New Business				$	(200.7	)	$	(179.9	)	$(157.7		)	$	(136.4	)	$	(113.7	)	$	(92.8	)	$	(70.2		)	$	(44.9	)	$	(17.1	)	$	13.2
Unallocated Expense					(17.4	)		(17.4	)		(17.4	)		(17.4	)		(17.4	)		(17.4	)		(17.4		)		(17.4	)		(17.4	)		(17.4	)
Change in Internal Reserve Financing					19.0			(4.8	)		(13.1	)		(39.1	)		(36.9	)		(35.1	)		(34.0		)	(32.9		)		(31.9	)		(29.7	)
Interest Cost on Internal Reserve Financing					(30.1	)		(31.7	)		(31.3	)		(30.2	)		(26.8	)		(23.6	)		(20.5		)	(17.5		)		(14.7	)		(11.9	)
Interest on Capital, Surplus & AVR					21.9			21.5			19.2			17.2			14.4			12.6			11.8				12.2			14.3			18.4
Total Pre-Tax Earnings				$	(18.7	)	$	(51.5	)	$	(47.9	)	$	(61.5	)	$	(43.5	)	$	(26.8	)	$		(5.1	)	$	23.9		$	60.3		$	99.4
Federal Income Tax (35.0%)					—			(—	)		—			—			—			—			—				—			—			—
NBL Distributed Earnings					11.3			12.2			12.2			12.3			12.4			12.3			12.3				12.2			12.8			13.5
After-Tax Earnings				$	(7.4	)	$	(39.3	)	$	(35.6	)	$	(49.3	)	$	(31.0	)	$	(14.4	)	$	7.2			$	36.1		$	73.1		$	112.9
Distributed Earnings (Target RBC Ratio=300%)	$	20.0		$	—		$	—		$	—		$	—		$	—		$	—		$	—			$	—		$	—		$	—
General Account Liabilities	$	673.7		$	675.9		$	713.1		$	796.6		$	918.6		$	1,073.8		$	1,259.9		$	1,472.9			$	1,710.2		$	1,972.1		$	2,255.2
Separate Account Liabilities		—			—			—			—			—			—			—			—				—			—			—
General Account Tax Reserve (Net of DAC)		(50.7	)		(10.2	)		78.3			207.1			365.9			547.6			747.4			960.1				1,181.6			1,411.1			1,646.3
External Reserve Financing (w/LOC @300bp)		—			—			—			—			—			—			—			—				—			—			—
50% Inforce Internal Reserve Financing    (w/LOC @300bp)		345.8			364.8			360.0			346.9			307.8			270.9			235.8			201.7				168.8			136.9			107.2
Interest Maintenance Reserve		—			—			—			—			—			—			—			—				—			—			—
Capital, Surplus & AVR Excluding NBL		384.0			376.6			337.3			301.6			252.4			221.4			206.9			214.1				250.2			323.3			436.1
NBL Carrying Value		150.0			150.0			150.0			150.0			150.0			150.0			150.0			150.0				150.0			150.0			150.0
Capital, Surplus & AVR Including NBL		534.0			526.6			487.3			451.6			402.4			371.4			356.9			364.1				400.2			473.3			586.1
NAIC RBC (Company Action Level)		89.7			92.5			95.3			98.5			102.5			107.1			112.0			117.7				124.3			131.7			140.0
RBC Ratio (Company Action Level)		595.5	%		569.2	%		511.6	%		458.7	%		392.6	%		346.9	%		318.6	%		309.3		%		322.1	%		359.4	%		418.6	%

Note: Interest on Capital, Surplus, & AVR is based on a net earnings rate of 5.70%.

- 17 -

Milliman

Primerica Life: 120% Lapse Projected Statutory Operating Results (post-tax; in millions of dollars)
Year Ending June 30,	2009			2010			2011			2012			2013			2014			2015			2016			2017			2018			2019
Existing and New Business
Gross Premium Income				$	417.9		$	528.4		$	632.9		$	737.1		$	843.1		$	952.8		$	1,068.1		$	1,199.6		$	1,346.3		$	1,498.1
Reinsurance Premiums (Net of Allowances)					(116.4	)		(137.8	)		(163.1	)		(191.7	)		(223.8	)		(258.1	)		(295.8	)		(343.3	)		(395.1	)		(451.9	)
Allowances From PrimeRe					91.3			83.2			77.8			73.6			70.1			66.8			64.1			61.3			58.2			55.1
Investment Income					79.2			81.6			82.6			85.9			90.4			97.5			107.1			119.4			134.7			153.3
Total Income				$	472.0		$	555.5		$	630.2		$	705.0		$	779.8		$	859.0		$	943.6		$	1,037.0		$	1,144.2		$1,254.6
Surrender, Health and Other Benefits				$	35.7		$	16.5		$	11.7		$	10.6		$	10.8		$	11.5		$	12.9		$	14.1		$	16.0		$	17.9
Direct Death Benefits					180.7			201.9			226.5			254.9			286.5			321.3			359.2			404.3			456.9			513.9
Reinsurance Death Benefits					(103.0	)		(122.9	)		(145.7	)		(171.6	)		(200.5	)		(232.2	)		(266.6	)		(307.3	)		(354.7	)		(406.7	)
Cost of Financing					30.1			31.7			31.3			30.2			26.8			23.6			20.5			17.5			14.7			11.9
Reserve Increase					(0.7	)		34.5			85.6			147.3			175.8			203.1			225.8			245.2			267.1			286.0
Expense (Other Than Premium Tax) (Incl    Unalloc)					158.2			160.9			165.8			171.9			178.9			187.4			197.2			208.0			219.5			231.9
Premium Tax					34.7			35.0			35.8			36.9			38.1			39.6			41.3			43.1			45.2			47.5
Commission					155.1			249.3			267.0			286.3			306.8			331.5			358.5			388.1			419.3			452.8
Total Benefits and Expenses				$	490.7		$	607.0		$	678.0		$	766.5		$	823.2		$	885.7		$	948.7		$	1,013.0		$	1,083.9		$	1,155.2
Total Pre-Tax Earnings				$	(18.7	)	$	(51.5	)	$	(47.9	)	$	(61.5	)	$	(43.5	)	$	(26.8	)	$	(5.1	)	$	23.9		$	60.3		$	99.4
Federal Income Tax (35.0%)					—			(—	)		—			—			—			—			—			—			—			—
NBL Distributed Earnings					11.3			12.2			12.2			12.3			12.4			12.3			12.3			12.2			12.8			13.5
After-Tax Earnings				$	(7.4	)	$	(39.3	)	$	(35.6	)	$	(49.3	)	$	(31.0	)	$	(14.4	)	$	7.2		$	36.1		$	73.1		$	112.9
Distributed Earnings (Target RBC Ratio=300%)	$	20.0		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
General Account Liabilities	$	673.7		$	675.9		$	713.1		$	796.6		$	918.6		$	1,073.8		$	1,259.9		$	1,472.9		$	1,710.2		$	1,972.1		$	2,255.2
Separate Account Liabilities		—			—			—			—			—			—			—			—			—			—			—
General Account Tax Reserve (Net of DAC)		(50.7	)		(10.2	)		78.3			207.1			365.9			547.6			747.4			960.1			1,181.6			1,411.1			1,646.3
External Reserve Financing (w/LOC @300bp)		—			—			—			—			—			—			—			—			—			—			—
50% Inforce Internal Reserve Financing (w/LOC    @300bp)		345.8			364.8			360.0			346.9			307.8			270.9			235.8			201.7			168.8			136.9			107.2
Interest Maintenance Reserve		—			—			—			—			—			—			—			—			—			—			—
Capital, Surplus & AVR		534.0			526.6			487.3			451.6			402.4			371.4			356.9			364.1			400.2			473.3			586.1
NAIC RBC (Company Action Level)		89.7			92.5			95.3			98.5			102.5			107.1			112.0			117.7			124.3			131.7			140.0
RBC Ratio (Company Action Level)		595.5	%		569.2	%		511.6	%		458.7	%		392.6	%		346.9	%		318.6	%		309.3	%		322.1	%		359.4	%		418.6	%

Note: Interest on Capital, Surplus, & AVR is based on a net earnings rate of 5.70%.

- 18 -

Milliman

PrimeRe: 120% Lapse Line of Business Statutory Projection (post-tax; in millions of dollars)
Year Ending June 30,	2009			2010			2011			2012			2013			2014			2015			2016			2017			2018			2019
Existing Business at 06/30/2009
Term — Net (Before New Conversions)				$	566.2		$	594.5		$	562.4		$	537.2		$	512.7		$	484.8		$	469.2		$	451.2		$	423.2		$	388.3
Term — New Conversions - Net					(168.7	)		2.2			1.0			(5.3	)		(10.5	)		(12.0	)		(13.2	)		(13.9	)		(12.4	)		(11.2	)
Canada Segregated Funds					—			—			—			—			—			—			—			—			—			—
Miscellaneous					12.2			11.2			10.4			9.8			9.1			8.6			8.0			7.4			6.9			6.4
Total Existing Business				$	409.7		$	607.9		$	573.8		$	541.6		$	511.4		$	481.3		$	464.0		$	444.7		$	417.7		$	383.5
Ten Years of New Business from    06/30/2009
N/A				$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Total New Business				$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Unallocated Expense					(5.0	)		(5.0	)		(5.0	)		(5.0	)		(5.0	)		(5.0	)		(5.0	)		(5.0	)		(5.0	)		(5.0	)
Change in Internal Reserve Financing					(19.0	)		4.8			13.1			39.1			36.9			35.1			34.0			32.9			31.9			29.7
Interest Cost on Internal Reserve    Financing					30.1			31.7			31.3			30.2			26.8			23.6			20.5			17.5			14.7			11.9
Interest on Capital, Surplus & AVR					17.3			16.1			14.9			13.9			12.9			12.0			11.2			10.4			9.6			8.9
Total Pre-Tax Earnings				$	433.1		$	655.5		$	628.0		$	619.8		$	582.9		$	547.0		$	524.7		$	500.7		$	468.9		$	428.9
Federal Income Tax (35.0%)					(185.5	)		(207.7	)		(198.1	)		(196.7	)		(185.1	)		(173.9	)		(167.6	)		(160.8	)		(151.9	)		(140.2	)
After-Tax Earnings				$	247.6		$	447.9		$	429.9		$	423.1		$	397.8		$	373.1		$	357.1		$	339.9		$	317.0		$	288.7
Distributed Earnings	$	—		$	268.7		$	468.7		$	447.6		$	440.0		$	414.3		$	386.7		$	370.5		$	353.8		$	330.6		$	301.7
General Account Liabilities	$	3,443.7		$	3,594.2		$	3,530.4		$	3,430.7		$	3,280.6		$	3,110.6		$	2,927.1		$	2,719.8		$	2,488.9		$	2,244.8		$	1,998.5
Separate Account Liabilities		—			—			—			—			—			—			—			—			—			—			—
General Account Tax Reserve (Net of    DAC)		2,642.4			2,654.9			2,646.7			2,608.6			2,540.5			2,445.6			2,332.5			2,189.4			2,016.8			1,824.8			1,624.1
External Reserve Financing (w/LOC    @300bp)		—			—			—			—			—			—			—			—			—			—			—
50% Inforce Internal Reserve    Financing (w/LOC @300bp)		(345.8	)		(364.8	)		(360.0	)		(346.9	)		(307.8	)		(270.9	)		(235.8	)		(201.7	)		(168.8	)		(136.9	)		(107.2	)
Interest Maintenance Reserve		—			—			—			—			—			—			—			—			—			—			—
Capital, Surplus & AVR		303.0			281.8			261.0			243.3			226.4			209.9			196.3			183.0			169.0			155.5			142.4
NAIC RBC (Company Action Level)		101.0			93.9			87.0			81.1			75.5			70.0			65.4			61.0			56.3			51.8			47.5
RBC Ratio (Company Action Level)		300.0	%		300.0	%		300.0	%		300.0	%		300.0	%		300.0	%		300.0	%		300.0	%		300.0	%		300.0	%		300.0	%

Note: Interest on Capital, Surplus, & AVR is based on a net earnings rate of 5.70%.

- 19 -

Milliman

PrimeRe: 120% Lapse

Projected Statutory Operating Results

(post-tax; in millions of dollars)

Year Ending June 30,	2009			2010			2011			2012			2013			2014			2015			2016			2017			2018			2019
Existing and New Business
Gross Premium Income				$	1,317.6		$	1,222.1		$	1,156.2		$	1,106.3		$	1,065.6		$	1,029.3		$	996.5		$	955.8		$	913.1		$	875.5
Reinsurance Premiums (Net of Allowances)					(415.2	)		(424.0	)		(435.0	)		(447.9	)		(462.2	)		(472.8	)		(482.1	)		(486.1	)		(486.9	)		(488.5	)
Seg Fund Policy Charges					0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Investment Income					205.6			210.2			204.1			196.7			188.2			178.6			168.4			156.8			143.9			130.3
Total Income				$	1,108.1		$	1,008.4		$	925.3		$	855.1		$	791.6		$	735.1		$	682.8		$	626.5		$	570.0		$	517.3
Surrender, Health and Other Benefits				$	46.9		$	45.0		$	41.2		$	38.8		$	36.8		$	35.2		$	33.6		$	32.3		$	30.8		$	29.2
Direct Death Benefits					660.6			647.6			649.8			655.9			662.9			669.7			674.7			674.3			666.6			654.7
Reinsurance Death Benefits					(363.9	)		(364.7	)		(373.7	)		(384.5	)		(396.1	)		(407.2	)		(416.5	)		(422.0	)		(422.3	)		(418.3	)
Cost of Financing					(30.1	)		(31.7	)		(31.3	)		(30.2	)		(26.8	)		(23.6	)		(20.5	)		(17.5	)		(14.7	)		(11.9	)
Reserve Increase					149.1			(64.6	)		(100.0	)		(149.9	)		(168.6	)		(181.9	)		(205.6	)		(231.9	)		(245.4	)		(245.8	)
Expense Allowances					91.3			83.2			77.8			73.6			70.1			66.8			64.1			61.3			58.2			55.1
Other Expenses					5.0			5.0			5.0			5.0			5.0			5.0			5.0			5.0			5.0			5.0
Commission					116.0			33.1			28.4			26.6			25.3			24.1			23.4			24.5			22.9			20.4
Total Benefits and Expenses				$	675.0		$	352.9		$	297.2		$	235.3		$	208.6		$	188.2		$	158.2		$	125.9		$	101.1		$	88.4
Total Pre-Tax Earnings				$	433.1		$	655.5		$	628.0		$	619.8		$	583.0		$	547.0		$	524.7		$	500.6		$	468.9		$	428.8
Federal Income Tax (35.0%)					(185.5	)		(207.7	)		(198.1	)		(196.7	)		(185.1	)		(173.9	)		(167.6	)		(160.8	)		(151.9	)		(140.2	)
After-Tax Earnings				$	247.6		$	447.9		$	429.9		$	423.1		$	397.8		$	373.1		$	357.1		$	339.8		$	316.9		$	288.6
Distributed Earnings (Target RBC Ratio=300%)	$	0.0		$	268.7		$	468.7		$	447.6		$	440.0		$	414.3		$	386.7		$	370.5		$	353.8		$	330.6		$	301.7
General Account Liabilities	$	3,443.7		$	3,594.2		$	3,530.4		$	3,430.7		$	3,280.6		$	3,110.6		$	2,927.1		$	2,719.8		$	2,488.9		$	2,244.8		$	1,998.5
Separate Account Liabilities		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
General Account Tax Reserve (Net of DAC)		2,642.4			2,654.9			2,646.7			2,608.6			2,540.5			2,445.6			2,332.5			2,189.4			2,016.8			1,824.8			1,624.1
External Reserve Financing (w/LOC @300bp)		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
50% Inforce Internal Reserve Financing (w/LOC    @300bp)		(345.8	)		(364.8	)		(360.0	)		(346.9	)		(307.8	)		(270.9	)		(235.8	)		(201.7	)		(168.8	)		(136.9	)		(107.2	)
Interest Maintenance Reserve		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Capital, Surplus & AVR		303.0			281.8			261.0			243.3			226.4			209.9			196.3			183.0			169.0			155.5			142.4
NAIC RBC (Company Action Level)		101.0			93.9			87.0			81.1			75.5			70.0			65.4			61.0			56.3			51.8			47.5
RBC Ratio (Company Action Level)		300.0	%		300.0	%		300.0	%		300.0	%		300.0	%		300.0	%		300.0	%		300.0	%		300.0	%		300.0	%		300.0	%

Note: Interest on Capital, Surplus, & AVR is based on a net earnings rate of 5.70%.

- 20 -

Milliman

Primerica Life: 400% Defaults

Line of Business Statutory Projection

(post-tax; in millions of dollars)

Year Ending June 30,	2009			2010			2011				2012			2013			2014			2015			2016			2017			2018			2019
Existing Business at 06/30/2009
Primerica - Net (Before New Conversions)				$	205.4		$	137.7			$	132.5		$	128.4		$	124.4		$	119.5		$	117.7		$	119.6		$	124.5		$	126.9
Primerica New Conversions - Net					(42.3	)		(0.1	)			(0.3	)		(1.9	)		(3.3	)		(3.7	)		(4.2	)		(12.5	)		(13.3	)		(18.8	)
Miscellaneous Primerica					9.9			9.6				9.6			9.6			9.6			9.6			9.7			9.7			9.6			9.6
Total Existing Business				$	172.9		$	147.2			$	141.7		$	136.0		$	130.8		$	125.4		$	123.2		$	116.7		$	120.8		$	117.6
Ten Years of New Business from 06/30/2009
Traditional Life				$	(200.1	)	$	(179.7	)		$	(157.1	)	$	(135.3	)	$	(112.0	)	$	(90.1	)	$	(66.0	)	$	(38.4	)	$	(7.7	)	$	26.4
Primerica Waiver of Premium					0.6			1.5				2.3			3.1			3.9			4.8			5.7			6.6			7.6			8.7
Primerica Retained Asset Account					0.2			0.4				0.7			1.1			1.4			1.9			2.3			2.9			3.4			4.1
Total New Business				$	(199.4	)	$	(177.9	)		$	(154.0	)	$	(131.2	)	$	(106.6	)	$	(83.4	)	$	(58.0	)	$	(29.0	)	$	3.4		$	39.2
Unallocated Expense					(16.7	)		(16.7	)			(16.7	)		(16.7	)		(16.7	)		(16.7	)		(16.7	)		(16.7	)		(16.7	)		(16.7	)
Change in Internal Reserve Financing					23.4			(0.1	)			(6.8	)		(37.2	)		(36.0	)		(35.1	)		(34.8	)		(34.4	)		(33.8	)		(31.9	)
Interest Cost on Internal Reserve Financing					(30.1	)		(32.1	)			(32.1	)		(31.5	)		(28.3	)		(25.2	)		(22.1	)		(19.1	)		(16.1	)		(13.2	)
Interest on Capital, Surplus & AVR					19.2			18.2				15.7			13.6			10.8			9.1			8.4			8.9			10.8			14.8
Total Pre-Tax Earnings				$	(30.6	)	$	(61.3	)		$	(52.2	)	$	(66.9	)	$	(46.0	)	$	(25.8	)	$	0.0		$	26.6		$	68.4		$	109.9
Federal Income Tax (35.0%)					—			(—	)			—			—			(—	)		—			—			—			—			(7.9	)
NBL Distributed Earnings					10.3			11.2				11.2			11.2			11.3			11.1			11.0			10.9			11.3			11.9
After-Tax Earnings				$	(20.4	)	$	(50.1	)		$	(41.1	)	$	(55.7	)	$	(34.7	)	$	(14.7	)	$	11.1		$	37.4		$	79.8		$	113.9
Distributed Earnings (Target RBC Ratio=300%)	$	20.0		$	—		$	—			$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
General Account Liabilities	$	673.7		$	682.3		$	731.7			$	832.4		$	978.1		$	1,163.9		$	1,387.8		$	1,645.5		$	1,927.3		$	2,247.5		$	2,605.5
Separate Account Liabilities		—			—			—		—					—			—			—			—			—			—			—
General Account Tax Reserve (Net of DAC)		(50.7	)		(5.9	)		90.8		232.1					409.3			615.6			846.6			1,096.7			1,354.2			1,631.0			1,928.1
External Reserve Financing (w/LOC @300bp)		—			—			—		—					—			—			—			—			—			—			—
50% Inforce Internal Reserve Financing (w/LOC    @300bp)		345.8			369.2			369.1		362.4					325.2			289.2			254.1			219.3			185.0			151.2			119.3
Interest Maintenance Reserve		0.0			0.0			0.0		0.0					0.0			0.0			0.0			0.0			0.0			0.0			0.0
Capital, Surplus & AVR Excluding NBL		384.0			363.6			313.5		272.5					216.7			182.1			167.3			178.4			215.9			295.6			409.5
NBL Carrying Value		150.0			150.0			150.0		150.0					150.0			150.0			150.0			150.0			150.0			150.0			150.0
Capital, Surplus & AVR Including NBL		534.0			513.6			463.5		422.5					366.7			332.1			317.3			328.4			365.9			445.6			559.5
NAIC RBC (Company Action Level)		90.0			93.3			97.1		101.5					106.8			112.7			119.1			126.3			134.7			144.0			154.5
RBC Ratio (Company Action Level)		593.2	%		550.5	%		477.2	%	416.2%					343.4	%		294.7	%		266.5	%		260.1	%		271.6	%		309.4	%		362.2	%

Note: Interest on Capital, Surplus, & AVR is based on a net earnings rate of 5.00%.

- 21 -

Milliman

Primerica Life: 400% Defaults

Projected Statutory Operating Results

(post-tax; in millions of dollars)

Year Ending June 30,	2009			2010			2011			2012			2013			2014			2015			2016			2017			2018			2019
Existing and New Business
Gross Premium Income				$	422.6		$	546.2		$	666.1		$	787.2		$	911.3		$	1,040.6		$	1,176.9		$	1,345.0		$	1,539.9		$	1,736.5
Reinsurance Premiums (Net of Allowances)					(118.1	)		(142.6	)		(171.8	)		(205.1	)		(242.6	)		(283.2	)		(328.2	)		(396.4	)		(470.3	)		(550.3	)
Allowances From PrimeRe					92.1			85.3			80.8			77.3			74.3			71.5			69.2			65.1			61.3			57.8
Investment Income					69.5			71.8			73.2			77.1			82.3			90.3			101.0			114.2			130.4			150.4
Total Income				$	466.1		$	560.7		$	648.2		$	736.5		$	825.3		$	919.2		$	1,018.9		$	1,127.8		$	1,261.3		$	1,394.3
Surrender, Health and Other Benefits				$	33.7		$	12.7		$	8.4		$	7.7		$	8.1		$	9.0		$	10.6		$	12.2		$	14.4		$	16.5
Direct Death Benefits					182.1			207.0			235.9			269.4			306.9			348.3			393.8			456.1			534.4			616.3
Reinsurance Death Benefits					(103.9	)		(126.4	)		(152.4	)		(182.3	)		(215.9	)		(253.1	)		(293.7	)		(348.4	)		(417.1	)		(490.6	)
Cost of Financing					30.1			32.1			32.1			31.5			28.3			25.2			22.1			19.1			16.1			13.2
Reserve Increase					5.9			46.8			100.9			172.9			208.7			243.4			273.0			292.1			327.5			362.7
Expense (Other Than Premium Tax)    (Incl Unalloc)					158.2			162.5			168.7			176.1			184.4			194.2			205.3			217.4			230.2			244.1
Premium Tax					35.1			36.0			37.4			39.0			40.8			42.9			45.1			47.5			50.2			53.1
Commission					155.6			251.4			269.4			289.1			310.1			335.2			362.8			405.3			437.2			469.2
Total Benefits and Expenses				$	496.8		$	622.0		$	700.5		$	803.5		$	871.3		$	945.0		$	1,018.9		$	1,101.2		$	1,192.9		$	1,284.5
Total Pre-Tax Earnings				$	(30.6	)	$	(61.3	)	$	(52.2	)	$	(66.9	)	$	(46.0	)	$	(25.8	)	$	—		$	26.6		$	68.4		$	109.9
Federal Income Tax (35.0%)					(—	)		—			(—	)		—			—			—			—			—			—			(7.9	)
NBL Distributed Earnings					10.3			11.2			11.2			11.2			11.3			11.1			11.0			10.9			11.3			11.9
After-Tax Earnings				$	(20.4	)	$	(50.1	)	$	(41.1	)	$	(55.7	)	$	(34.7	)	$	(14.7	)	$	11.1		$	37.4		$	79.8		$	113.9
Distributed Earnings (Target RBC Ratio=300%)	$	20.0		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
General Account Liabilities	$	673.7		$	682.3		$	731.7		$	832.4		$	978.1		$	1,163.9		$	1,387.8		$	1,645.5		$	1,927.3		$	2,247.5		$	2,605.5
Separate Account Liabilities		—			—			—			—			—			—			—			—			—			—			—
General Account Tax Reserve (Net of DAC)		(50.7	)		(5.9	)		90.8			232.1			409.3			615.6			846.6			1,096.7			1,354.2			1,631.0			1,928.1
External Reserve Financing (w/LOC @300bp)		—			—			—			—			—			—			—			—			—			—			—
50% Inforce Internal Reserve Financing (w/LOC    @300bp)		345.8			369.2			369.1			362.4			325.2			289.2			254.1			219.3			185.0			151.2			119.3
Interest Maintenance Reserve		—			—			—			—			—			—			—			—			—			—			—
Capital, Surplus & AVR		534.0			513.6			463.5			422.5			366.7			332.1			317.3			328.4			365.9			445.6			559.5
NAIC RBC (Company Action Level)		90.0			93.3			97.1			101.5			106.8			112.7			119.1			126.3			134.7			144.0			154.5
RBC Ratio (Company Action Level)		593.2	%		550.5	%		477.2	%		416.2	%		343.4	%		294.7	%		266.5	%		260.1	%		271.6	%		309.4	%		362.2	%

Note: Interest on Capital, Surplus, & AVR is based on a net earnings rate of 5.00%.

- 22 -

Milliman

PrimeRe: 400% Defaults

Line of Business Statutory Projection

(post-tax; in millions of dollars)

Year Ending June 30,	2009			2010			2011			2012			2013			2014			2015			2016			2017			2018			2019
Existing Business at 06/30/2009
Term - Net (Before New Conversions)				$	513.4		$	550.9		$	529.8		$	513.5		$	497.7		$	478.0		$	470.7		$	460.5		$	438.7		$	408.3
Term - New Conversions - Net					(169.3	)		(0.3	)		(1.3	)		(7.7	)		(13.1	)		(14.9	)		(16.4	)		(9.2	)		(6.6	)		0.5
Canada Segregated Funds					—			—			—			—			—			—			—			—			—			—
Miscellaneous					10.1			9.3			8.8			8.3			7.8			7.4			6.9			6.5			6.1			5.7
Total Existing Business				$	354.2		$	560.0		$	537.3		$	514.1		$	492.4		$	470.5		$	461.3		$	457.8		$	438.2		$	414.6
Ten Years of New Business from 06/30/2009
N/A				$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Total New Business				$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Unallocated Expense					(5.0	)		(5.0	)		(5.0	)		(5.0	)		(5.0	)		(5.0	)		(5.0	)		(5.0	)		(5.0	)		(5.0	)
Change in Internal Reserve Financing					(23.4	)		0.1			6.8			37.2			36.0			35.1			34.8			34.4			33.8			31.9
Interest Cost on Internal Reserve Financing					30.1			32.1			32.1			31.5			28.3			25.2			22.1			19.1			16.1			13.2
Interest on Capital, Surplus & AVR					15.1			14.3			13.4			12.6			11.8			11.1			10.5			9.8			9.1			8.4
Total Pre-Tax Earnings				$	371.1		$	601.4		$	584.5		$	590.4		$	563.6		$	536.8		$	523.7		$	516.1		$	492.2		$	463.0
Federal Income Tax (35.0%)					(167.0	)		(191.4	)		(184.8	)		(187.7	)		(179.2	)		(170.8	)		(167.4	)		(166.3	)		(159.6	)		(151.4	)
After-Tax Earnings				$	204.1		$	410.0		$	399.8		$	402.7		$	384.4		$	366.1		$	356.3		$	349.8		$	332.6		$	311.6
Distributed Earnings	$	—		$	221.7		$	428.0		$	415.2		$	417.9		$	399.6		$	378.5		$	368.9		$	364.2		$	346.8		$	325.5
General Account Liabilities	$	3,443.7		$	3,635.0		$	3,615.4		$	3,556.5		$	3,438.6		$	3,294.6		$	3,130.8		$	2,936.1		$	2,717.3		$	2,471.8		$	2,208.8
Separate Account Liabilities		—			—			—			—			—			—			—			—			—			—			—
General Account Tax Reserve (Net of DAC)		2,642.4			2,685.6			2,712.5			2,706.6			2,667.5			2,597.0			2,503.3			2,373.6			2,215.1			2,025.2			1,812.0
External Reserve Financing (w/LOC @300bp)		—			—			—			—			—			—			—			—			—			—			—
50% Inforce Internal Reserve Financing (w/LOC    @300bp)		(345.8	)		(369.2	)		(369.1	)		(362.4	)		(325.2	)		(289.2	)		(254.1	)		(219.3	)		(185.0	)		(151.2	)		(119.3	)
Interest Maintenance Reserve		—			—			—			—			—			—			—			—			—			—			—
Capital, Surplus & AVR		303.0			285.4			267.5			252.0			236.9			221.7			209.3			196.7			182.3			168.2			154.3
NAIC RBC (Company Action Level)		101.0			95.1			89.2			84.0			79.0			73.9			69.8			65.6			60.8			56.1			51.4
RBC Ratio (Company Action Level)		300.0	%		300.0	%		300.0	%		300.0	%		300.0	%		300.0	%		300.0	%		300.0	%		300.0	%		300.0	%		300.0	%

Note: Interest on Capital, Surplus, & AVR is based on a net earnings rate of 5.00%.

- 23 -

Milliman

PrimeRe: 400% Defaults

Projected Statutory Operating Results

(post-tax; in millions of dollars)

Year Ending June 30,	2009			2010			2011			2012			2013			2014			2015			2016				2017					2018				2019
Existing and New Business
Gross Premium Income				$	1,330.7		$	1,255.1		$	1,202.9		$	1,163.9		$	1,132.6		$	1,104.5		$	1,079.1				$	1,030.3			$	969.7			$	920.1
Reinsurance Premiums (Net of Allowances)					(421.0	)		(435.9	)		(452.3	)		(470.4	)		(489.8	)		(505.1	)		(519.0		)			(515.0	)			(507.7	)			(501.5	)
Seg Fund Policy Charges					—			—			—			—			—			—			—					—				—				—
Investment Income					180.5			186.7			183.6			179.0			173.1			166.1			158.2					149.0			138.1					126.1
Total Income				$	1,090.1		$	1,006.0		$	934.2		$	872.5		$	815.9		$	765.6		$	718.3				$	664.3			$	600.1			$	544.6
Surrender, Health and Other Benefits				$	46.7		$	45.0		$	41.7		$	39.5		$	37.8		$	36.3		$	34.8				$	33.7			$	32.2			$	30.7
Direct Death Benefits					665.3			661.3			671.3			684.7			698.7			712.4			723.9					721.0				702.8				682.3
Reinsurance Death Benefits					(366.7	)		(373.2	)		(387.1	)		(402.5	)	(418.7)				(434.1	)		(447.5		)			(450.2	)			(441.2	)			(428.9	)
Cost of Financing					(30.1	)		(32.1	)		(32.1	)		(31.5	)		(28.3	)		(25.2	)		(22.1		)			(19.1	)			(16.1	)			(13.2	)
Reserve Increase					190.2			(20.4	)		(59.0	)		(117.6	)	(142.4		)		(162.0	)	(192.7		)		(219.7				)	(246.8			)		(262.3	)
Expense Allowances					92.1			85.3			80.8			77.3			74.3			71.5			69.2					65.1				61.3				57.8
Other Expenses					5.0			5.0			5.0			5.0			5.0			5.0			5.0					5.0				5.0				5.0
Commission					116.6			33.6			29.0			27.2			26.0			24.8			24.0					12.6			10.8					10.3
Total Benefits and Expenses				$	719.0		$	404.6		$	349.6		$	282.1		$	252.4		$	228.7		$	194.7			$		148.3			$	107.9			$	81.7
Total Pre-Tax Earnings				$	371.1		$601.4			$	584.5		$	590.4		$	563.6		$	536.8		$	523.7				$	516.0			$	492.1			$	462.9
Federal Income Tax (35.0%)					(167.0	)		(191.4	)	(184.8)			(187.7)				(179.2	)	(170.8)				(167.4		)			(166.3	)			(159.6	)			(151.4	)
After-Tax Earnings				$	204.1		$	410.0		$	399.8		$	402.7		$	384.4		$	366.1		$	356.3				$	349.8			$	332.5			$	311.5
Distributed Earnings (Target RBC Ratio=300%)	$	—		$	221.7		$	428.0		$	415.2		$	417.9		$	399.6		$	378.5		$	368.9				$	364.2			$	346.8			$	325.5
General Account Liabilities		3,443.7			3,635.0			3,615.4			3,556.5			3,438.6			3,294.6			3,130.8			2,936.1					2,717.3				2,471.8				2,208.8
Separate Account Liabilities		—			—			—			—			—			—			—			—					—				—				—
General Account Tax Reserve (Net of DAC)		2,642.4			2,685.6		2,712.5				2,706.6			2,667.5			2,597.0			2,503.3			2,373.6					2,215.1				2,025.2				1,812.0
External Reserve Financing (w/LOC @300bp)		—			—			—			—			—			—			—			—					—				—				—
50% Inforce Internal Reserve Financing (w/LOC    @300bp)		(345.8	)		(369.2	)		(369.1	)		(362.4	)		(325.2	)		(289.2	)		(254.1	)		(219.3		)			(185.0	)			(151.2	)			(119.3	)
Interest Maintenance Reserve		—			—			—			—			—			—			—			—					—				—			—
Capital, Surplus & AVR		303.0			285.4			267.5			252.0			236.9			221.7			209.3			196.7					182.3				168.2				154.3
NAIC RBC (Company Action Level)		101.0			95.1			89.2			84.0			79.0			73.9			69.8			65.6					60.8				56.1				51.4
RBC Ratio (Company Action Level)		300.0	%		300.0	%		300.0	%		300.0	%		300.0	%		300.0	%		300.0	%		300.0		%			300.0	%			300.0	%			300.0	%

Note: Interest on Capital, Surplus, & AVR is based on a net earnings rate of 5.00%.

- 24 -

Milliman

Primerica Life: 3% Production Growth

Line of Business Statutory Projection

(post-tax; in millions of dollars)

Year Ending June 30,	2009			2010			2011			2012			2013			2014			2015			2016			2017			2018			2019
Existing Business at 06/30/2009
Primerica - Net (Before New Conversions)				$	210.6		$	143.0		$	137.7		$	133.5		$	129.4		$	124.2		$	122.1		$	123.7		$	128.3		$	130.3
Primerica New Conversions - Net					(42.4	)		0.2			(0.1	)		(1.7	)		(3.0	)		(3.4	)		(3.8	)		(12.2	)		(13.0	)		(18.5	)
Miscellaneous Primerica					12.3			12.0			11.9			11.9			12.0			12.0			12.0			12.0			12.0			11.9
Total Existing Business				$	180.6		$	155.1		$	149.5		$	143.7		$	138.3		$	132.8		$	130.4		$	123.6		$	127.3		$	123.8
Ten Years of New Business from 06/30/2009
Traditional Life				$	(200.8	)	$	(172.2	)	$	(141.5	)	$	(112.2	)	$	(81.6	)	$	(50.4	)	$	(17.6	)	$	17.7		$	55.2		$	94.8
Primerica Waiver of Premium					0.6			1.4			2.2			2.9			3.6			4.3			5.0			5.6			6.3			7.0
Primerica Retained Asset Account					0.2			0.5		0.8				1.2			1.6			2.1			2.6			3.1			3.7			4.3
Total New Business				$	(200.0	)	$	(170.2	)	$	(138.4	)	$	(108.0	)	$	(76.3	)	$	(44.0	)	$	(10.1	)	$	26.4		$	65.2		$	106.0
Unallocated Expense					(16.7	)		(16.7	)		(16.7	)		(16.7	)		(16.7	)		(16.7	)		(16.7	)		(16.7	)		(16.7	)		(16.7	)
Change in Internal Reserve Financing					23.4			(0.1	)		(6.8	)		(37.2	)		(36.0	)		(35.1	)		(34.8	)		(34.4	)		(33.8	)		(31.9	)
Interest Cost on Internal Reserve Financing					(30.1	)		(32.1	)		(32.1	)		(31.5	)		(28.3	)		(25.2	)		(22.1	)		(19.1	)		(16.1	)		(13.2	)
Interest on Capital, Surplus & AVR					21.9			21.3			19.6			18.9			17.9			18.6			21.1			25.8			32.3			38.5
Total Pre-Tax Earnings				$	(20.9	)	$	(42.6	)	$	(24.9	)	$	(30.7	)	$	(1.0	)	$	30.5		$	67.9		$	105.7		$	158.2		$	206.6
Federal Income Tax (35.0%)					—			—			—			—			—			—			—			(6.4	)		(64.1	)		(85.0	)
NBL Distributed Earnings					11.3			12.5			12.7			13.0		13.5				13.7			14.0			14.1			15.0			15.9
After-Tax Earnings				$	(9.7	)	$	(30.1	)	$	(12.1	)	$	(17.7	)	$	12.4		$	44.2		$	81.8		$	113.4		$	109.0		$	137.5
Distributed Earnings (Target RBC Ratio=300%)	$	20.0		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
General Account Liabilities	$	673.7		$	682.3		$	731.3		$	829.6		$	968.6		$	1,141.6		$	1,344.3		$	1,570.2		$	1,806.9		$	2,066.3		$	2,345.4
Separate Account Liabilities		—			—			—			—			—			—			—			—			—			—			—
General Account Tax Reserve (Net of DAC)		(50.7	)		(5.9	)		92.1			234.5			410.5			611.7			832.0			1,063.8			1,293.2			1,529.9			1,772.9
External Reserve Financing (w/LOC @300bp)		—			—			—			—			—			—			—			—			—			—			—
50% Inforce Internal Reserve Financing (w/LOC    @300bp)		345.8			369.2			369.1			362.4			325.2			289.2			254.1			219.3			185.0			151.2			119.3
Interest Maintenance Reserve		—			—			—			—			—			—			—			—			—			—			—
Capital, Surplus & AVR Excluding NBL		384.0			374.3			344.2			332.1			314.4			326.8			371.0			452.9			566.3			675.3			812.8
NBL Carrying Value		150.0			150.0			150.0			150.0			150.0			150.0			150.0			150.0			150.0			150.0			150.0
Capital, Surplus & AVR Including NBL		534.0			524.3			494.2			482.1			464.4			476.8			521.0			602.9			716.3			825.3			962.8
NAIC RBC (Company Action Level)		90.0			93.3			97.0			101.1			105.8			110.9			116.1			121.7			128.1			134.8			141.8
RBC Ratio (Company Action Level)		593.2	%		562.0	%		509.3	%		476.9	%		438.8	%		429.9	%		448.8	%		495.2	%		559.3	%		612.1	%		679.0	%

Note: Interest on Capital, Surplus, & AVR is based on a net earnings rate of 5.70%.

- 25 -

Milliman

Primerica Life: 3% Production Growth

Projected Statutory Operating Results

(post-tax; in millions of dollars)

Year Ending June 30,	2009			2010			2011			2012			2013			2014			2015			2016			2017			2018			2019
Existing and New Business
Gross Premium Income				$	422.6		$	542.7		$	653.1		$	759.2		$	862.6		$	964.1		$	1,064.5		$	1,188.1		$	1,329.4		$	1,462.6
Reinsurance Premiums (Net of Allowances)					(118.1	)		(142.1	)		(169.9	)		(200.8	)		(234.7	)		(270.1	)		(308.0	)		(366.9	)		(428.9	)		(494.2	)
Allowances From PrimeRe					92.1			85.3			80.8			77.3			74.3			71.5			69.2			65.1			61.3			57.8
Investment Income					79.3			82.6			85.5			91.6			99.3			110.4			124.6			141.7			161.7			182.4
Total Income				$	475.9		$	568.5		$	649.4		$	727.3		$	801.5		$	875.9		$	950.4		$	1,028.0		$	1,123.5		$	1,208.6
Surrender, Health and Other Benefits				$	33.7		$	12.8		$	8.9		$	8.3		$	8.8		$	9.8		$	11.6		$	13.3		$	15.5		$	17.6
Direct Death Benefits					182.1			206.4			233.6			264.3			297.7			333.4			371.0			423.2			488.8			555.1
Reinsurance Death Benefits					(103.9	)		(125.9	)		(150.6	)		(178.2	)		(208.4	)		(240.7	)		(274.8	)		(320.9	)		(378.8	)		(438.8	)
Cost of Financing					30.1			32.1			32.1			31.5			28.3			25.2			22.1			19.1			16.1			13.2
Reserve Increase					5.9			46.5			98.4			166.2			195.8			222.2			241.2			247.0			266.7			283.8
Expense (Other Than Premium Tax)    (Incl Unalloc)					158.2			160.1			163.4			167.5			171.8			176.3			181.3			186.4			191.4			196.3
Premium Tax					35.1			36.0			37.1			38.5			39.9			41.3			42.8			44.4			46.0			47.6
Commission					155.6			243.2			251.3			260.0			268.8			277.9			287.3			309.8			319.6			327.2
Total Benefits and Expenses				$	496.8		$	611.2		$	674.3		$	758.0		$	802.6		$	845.4		$	882.5		$	922.3		$	965.3		$	1,002.0
Total Pre-Tax Earnings				$	(20.9	)	$	(42.6	)	$	(24.9	)	$	(30.7	)	$	(1.0	)	$	30.5		$	67.9		$	105.7		$	158.2		$	206.6
Federal Income Tax (35.0%)					—			—			—			—			—			—			—			(6.4	)		(64.1	)		(85.0	)
NBL Distributed Earnings					11.3			12.5			12.7			13.0			13.5			13.7			14.0			14.1			15.0			15.9
After-Tax Earnings				$	(9.7	)	$	(30.1	)	$	(12.1	)	$	(17.7	)	$	12.4		$	44.2		$	81.8		$	113.4		$	109.0		$	137.5
Distributed Earnings (Target RBC Ratio=300%)	$	20.0		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
General Account Liabilities	$	673.7		$	682.3		$	731.3		$	829.6		$	968.6		$	1,141.6		$	1,344.3		$	1,570.2		$	1,806.9		$	2,066.3		$	2,345.4
Separate Account Liabilities		—			—			—			—			—			—			—			—			—			—			—
General Account Tax Reserve (Net of DAC)		(50.7	)		(5.9	)		92.1			234.5			410.5			611.7			832.0			1,063.8			1,293.2			1,529.9			1,772.9
External Reserve Financing (w/LOC @300bp)		—			—			—			—			—			—			—			—			—			—			—
50% Inforce Internal Reserve Financing (w/LOC    @300bp)		345.8			369.2			369.1			362.4			325.2			289.2			254.1		219.3				185.0			151.2			119.3
Interest Maintenance Reserve		—			—			—			—			—			—			—			—			—			—			—
Capital, Surplus & AVR		534.0			524.3			494.2			482.1			464.4			476.8			521.0			602.9			716.3			825.3			962.8
NAIC RBC (Company Action Level)		90.0			93.3			97.0			101.1			105.8			110.9			116.1			121.7			128.1			134.8			141.8
RBC Ratio (Company Action Level)		593.2	%		562.0	%		509.3	%		476.9	%		438.8	%		429.9	%		448.8	%		495.2	%		559.3	%		612.1	%		679.0	%

Note: Interest on Capital, Surplus, & AVR is based on a net earnings rate of 5.70%.

- 26 -

Milliman

SECTION III

Product Descriptions,

Methodology and Actuarial Assumptions

The table below summarizes the term insurance inforce as of June 30, 2009, along with a static validation of the model.

Primerica Term Business Static Validation As of June 30, 2009 ($ in millions)
	Primerica
	Actual		Model		A/E
Policy Count	$	1,987,531	$	1,978,221		100%
Direct Face Amount		535,159		535,061		100
YRT Face Amount		354,361		355,936		100
Coinsurance Face Amount		20,859		20,823		100
Annualized Premium		1,688		1,679		101
Base Direct Stat Reserve	$	3,380	$	3,389		100%
- Base Ceded YRT Reserve		531		531		100
- Base Ceded Coinsurance Reserve		214		221		97
+ Deficiency Reserve		855		833		103
=Net Stat Reserve	$3,489		$	3,470		101%

The model was projected for June 30, 2009 inforce based on seriatim data provided by Primerica. A detailed description of the model is provided in Appendix B as well as the detailed actuarial assumptions.

The projections extend for a 30 year period beginning June 30, 2009. The projections include premiums, death claims, expense allowances and statutory reserves on a direct and net of third party reinsurance basis. The projected cash flows are developed on an annual basis. Summarized below is a dynamic validation of the main cashflow items for the term model.

Primerica Term Business Dynamic Validation (in millions of dollars)
	7/1/2007-6/30/2008				7/1/2008-6/30/2009
	Actual		Model		Actual		Model
Insurance Amount	$	534,081	$	534,011	$	536,715	$	535,061
Direct Premiums		1,611.1		1,607.0		1,676.8		1,685.4
YRT Premiums		345.2		359.1		380.0		399.5
Coinsurance Premiums		144.3		130.8		128.9		132.2
Direct Claims		797.4		801.6		836.4		854.9
YRT Claims		308.3		305.8		337.9		346.2
Coinsurance Claims		130.7		116.7		121.5		116.9
Coinsurance Allowances		23.0		19.1		28.2		18.4
Net Insurance Cash Flows	$	786.2	$	757.2	$	819.2	$	780.3
Commissions	$	294.0	$	290.2	$	275.7	$	266.8
Net Cash Flows	$	492.2	$	466.9	$	543.4	$	513.4

- 27 -

Milliman

Product Descriptions

Primerica was an early leader in the U.S. term insurance market. The inforce business consists almost entirely of level term insurance with level periods of 10 to 30 years. Other minor term insurance is summarized in Appendix B. The business includes several optional riders: child term riders (CTR), spouse riders, increasing benefit riders (IBR), and waiver of premium. The policies inforce, other than the currently sold product, have exchange provisions which allow conversion to a recent plan without new underwriting, as described later in this section.

The following is a brief description of the product history and features.

Term Base Policy

The majority of the businesses consist of renewable 10, 15, 20, 30 and 35 - year term insurance, and decreasing term to age 65. Common Sense Term (CST) was introduced in the mid-1980’s as a 20 year term product, followed by Banded CST with four different term periods, banded by size. The Eagle series was introduced in the early 1990’s. The Custom A, Custom B, Custom Plus and Custom IV were introduced in that order in the late 1990’s and early 2000’s. Prior to the introduction of Custom Advantage in 2007, the products had three underwriting classes: preferred, non-tobacco and tobacco.

Custom Advantage, the only product that Primerica is currently selling, has an additional preferred plus underwriting class.

The premium patterns vary by product, but typically remain level during the minimum of the initial level term period and a specified attained age. After the initial level term period, the premium steps up to a new level premium period. There may be one or several step – up premium periods, until the policy becomes annual renewable term at a specified age in the contract.

The premium rates for each product series are unisex and vary by issue age, underwriting class and band. The premium bands are defined by the total face amount of the policy including riders and are as follows:

Banded CST, Eagle, Custom A:	$0-100k, $100-150k, $150-200k, $200-250k, $250-500k, $500k+
Eagle 2000:	$0-100k, $100-150k, $150-200k, $200k+
Custom B:	$0-150k, $150-250k, $250-350k, $350-500k, $500k+
Custom Plus, Custom Advantage:	$0-150k, $150-250k, $250-500k, $500k+
Others:	No Band

Additionally, distribution summaries are provided in Appendix B.

Child Rider

A Child Rider may be added to any life policy. Each unit of this rider provides $1,000 of death benefit on any covered child (or children). If the primary insured dies, each child will be provided with $1,000 of term insurance per unit. There is no policy fee on the Child Rider.

Premiums are $6.50 per unit for the rider, which covers all children of the primary insured. The rider expires on the policy expiration date or when the insured child reaches 25 years of age. Two children per policy has been assumed for policies that elect this rider.

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SpouseRiders

Each product series offers a Spouse Rider which has the same rate as the base policy but for the spouse issue age and underwriting class. There is no policy fee on the Spouse Rider. The Spouse Rider amount is part of the total policy face amount for defining the band of each policy. The following table summarizes the amount of Spouse Rider inforce for the term block as of June 30, 2009.

Spouse Riders Inforce As of June 30. 2009 ($ millions)
Direct Face Amount	$	151,652
YRT Reinsured Face Amount		106,833
Coinsurance Face Amount		4,812
Net Face Amount	$	40,007

IBR

The Increasing Benefit Rider (IBR) gives the policyholder the option to increase his or her face amount according to a specified schedule (either 5 or 10%) in policy years two through ten without undergoing additional underwriting. Each increase will have a separate premium rate according to the attained age, as specified in the rate book, which results in the total premium being the sum of the base policy premium plus each individual increase amount. The policyholder has the option to stop the face amount increases at any point, but is not allowed to re-start.

The following summarizes the amount of IBR inforce for the term block as of June 30, 2009.

IBR Inforce As of June 30. 2009 ($ millions)
	5% Annual Increase		10% Annual Increase		Total IBR
Direct Face Amount	$	33,087	$	15,048	$	48,134
YRT Reinsured Face Amount		29,235		9,618		38,852
Coinsurance Face Amount	—		—		—
Net Face Amount	$	3,852	$	5,430	$	9,282

Conversion

Policies issued prior to the 2007 Custom Advantage Series may be exchanged at any time without evidence of insurability, to any plan available for conversion which is currently the Custom IV product with the same underwriting class available for exchange.

The converted business is modeled with premiums based on the premium schedule of the plan that the policy is converted into. The mortality is based on the point in scale mortality rate from original issue date, mortality era and issue age.

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The vast majority of recent conversions have occurred at the end of the initial term period. The following table summarizes the amount of past end of term (EOT) conversions as of June 30, 2009.

Primerica Term Business (EOT Converted Business) As of June 30, 2009 ($ in millions)
Company	Block	Policy Count		Inforce Amount
Primerica Life	Direct		212,534	$	30,841
	Coinsurance Ceded		187,608		9,252
	YRT ceded		15,560		3,187
Net Primerica Life				$	18,402

Future Conversion

Future conversions are projected reflecting EOT conversions to the Custom IV product series, which is the product available for conversions. The conversion rate is based on a study from Primerica of conversions using EOT policies from November 2006 to June 2009. Assumptions for the conversion rate, conversion product distribution and the level of converted face amount are consistent with recent experience. Future conversions other than EOT are treated as persisting policyholders for purposes of modeling.

Based on the anticipated terms of the reinsurance agreement with PrimeRe, new EOT conversions and EOT renewals are assumed to revert to PLIC beginning in year 8 of the projections.

Waiver of Premium Rider

Approximately 40% of the policyholders elect a waiver of premium rider. The rider charges amounted to $39.2 million in 2007, which account for approximately 2% of the total premium. The total premium waived in the last twelve months was $17.4 million for the block.

Summary of Assumptions

A description of the primary actuarial assumptions is provided below.

Mortality

Primerica performs a very detailed mortality study annually. The study used for purposes of this analysis covered claim experience from 2001 up to December 31, 2008. The total claims in the study are $3.7 billion. The study tracks duration from original issue date only. Therefore, business which was converted to a new level term plan prior to June 30, 2009 would be treated as issued from its original date of underwriting and not from date of conversion.

The mortality study includes most of the coverages of Primerica. It excludes business beyond the level term period, IBR, and certain coverages where the data is not available. A separate study is performed for coverages beyond the level term period.

There are three primary underwriting (or mortality eras) for Primerica which are described as follows:

• Pre 1992 Issues: This business was generally underwritten without blood testing. The underwriting classes are preferred non-smoker, standard non-smoker and smoker.

• 1992 – June 1999 Issues: In 1992 Primerica began underwriting with blood testing in order for a policy to qualify for the preferred class; as a result, the majority of cases were underwritten with blood testing. The blood testing indicator is not available in the data which is used for the mortality study, so the mortality study for this era combines the exposures for blood and non-blood tested policies. Primerica also switched to a tobacco/non-tobacco basis in this era.

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• July 1999 and Later Issues: The underwriting is the same as the previous mortality era, however the blood testing indicator is available in the data allowing the mortality study to analyze results on a blood tested and non blood tested basis.

The mortality assumptions are based on our evaluation of the recent experience of Primerica, primarily through the company studies. The base mortality assumption is a multiple of the 1975-80 15 Year Select and Ultimate Table for each model cell. The multiple varies by mortality era, underwriting class, issue age and sex. For converted business, we have assumed point in scale mortality from the original issue date, mortality era and issue age.

Additionally, annual mortality improvement of 1% for fifteen years is assumed. Mortality anti-selection according to the Dukes-MacDonald methodology is assumed for persisting policies (both renewals and conversions) after the initial level term period.

Further detail on the mortality assumption is described in Appendix B.

Sensitivity testing of the results under changes to mortality rates is provided in Section II.

Lapse Rates

The lapse assumption is based upon a persistency study using inforce amounts from December 31, 2005 to June 30, 2009 along with Primerica’s recent experience study and pricing assumptions. Primerica’s persistency studies show a consistent pattern for historical lapses from year to year for the term business.

Lapse experience at the end of the initial level term period will depend on whether there is an ART or a level period following the current level term period. Additional lapses are assumed each time there is an increase in premium level after the initial level term period premium increase. Detailed lapse assumptions are described in Appendix B.

Sensitivity testing of the results to changes to lapse rates is provided in Section II.

Expenses

Unit expenses of $275 per policy for acquisition costs were developed based on Primerica’s pricing allowables. Maintenance unit costs of $42.50 per policy, plus 3% annual inflation, were based on target industry allowables.

Statutory Reserves

Statutory reserves have been calculated assuming reserves are calculated according to Primerica practices, which reflect Regulation XXX beginning in 2000 and a segmented basis prior to 2000. The total base statutory reserve after 1988 is equal to the interpolated terminal reserve plus an unearned premium liability for premiums already collected as of the valuation date but are not fully earned until after the valuation date. Issues in 1987 and prior were reserved on a mean basis. Reserves are semi-continuous.

The valuation mortality is equal to the 1958 CSO or 1980 CSO mortality prior to 2006, and 2001 CSO mortality thereafter. Interest rates vary by issue year depending on minimum regulatory requirements.

The valuation mortality for base reserves are smoker distinct and sex distinct, ultimate mortality tables for all policy years. The valuation mortality for deficiency reserves is based on select mortality including X-factors for non-EOT converted and non-converted policies. The ultimate mortality table is used for EOT converted deficiency reserve.

Tax Reserves

Tax reserves are calculated based on IRS requirements and Federally prescribed tax interest rates.

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Economic Reserve

The economic reserve is calculated on U.S. level term business only, excluding Child Term Rider, and reflects the base case assumptions as described in this report. Economic reserves are defined as:

• Present value of future death claims, plus

• Present value of future expenses and financing costs, less

• Present value of future premiums including policy fee and modal loading

where the premiums, expenses and claims are all net of third party reinsurance. Reserve financing costs reflect 300 bp annual cost applied against the excess reserve. The economic reserve is calculated considering the level term period only. After the level term period, economic reserves are set equal to the statutory reserve, adjusted for applicable third party reinsurance. Present values were calculated by discounting at 5.71%.

Retained Asset Account

A liability of $286.5 million as of June 30, 2009 is booked by Primerica for death benefits retained for beneficiaries. We have assumed the projected liability to be a constant percentage of future death benefits and an interest spread throughout consistent with the Company’s current crediting rate practice.

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APPENDIX A

Asset and Investment Assumptions

Asset Portfolio as of June 30, 2009

The tables below summarize the asset portfolio by investment category. For purposes of this report, a 5.7% net investment earnings rate is assumed, based on the new money reinvestment strategy as well as the current market yield on the portfolios.

PLIC Summary of Modeled Assets as of June 30, 2009 (in millions)
Asset	Par		Book		Market		Coupon Rate			Book Yield			Market Yield
Class	Value		Value		Value		(AnnEff)			(AnnEff)			(AnnEff)
Public Bond	$	2,188.4	$	2,150.2	$	2,141.7		5.89	%		6.34	%		6.14	%
Private Bond		946.5		932.3	898.0			5.93			6.28			6.64
Government		4.7		4.9		5.1		4.47			3.22			1.44
Preferred Stock		19.4		19.5	13.0			6.73			9.95			12.55
Passthrough		638.9		630.9		660.3		5.55			5.91			4.09
ABS		79.5		79.1		63.9		4.07			3.62			16.75
CMBS		416.7		416.3		354.8		5.42			5.33			9.02
CMO		501.3		492.1		478.2		5.50			5.83			7.61
MortLoan	—		—		—		—			—			—
Total	$	4,795.4	$	4,725.5	$	4,615.0		5.74	%		6.10	%		6.48	%

Reinvestment Assumptions

The strategy for the investment of net cash flow is summarized below. Spreads, shown in the following table, are consistent with corporate bond equivalent (semi-annual) yield. Net yields, after deduction of investment expenses and expected defaults, are shown on an annual effective basis.

Primerica Investment Strategy Summary As of June 30, 2009
Asset Class	Allocation			Maturity		Treasury			Gross Spread			Gross Yield (BEY)			Gross Yield (AEY)			Investment Expenses			Expected Defaults			Net Yield (AEY)
Public Bond, A		8.18	%		5		2.54	%		2.48	%		5.02	%		5.08	%		0.075	%		0.15	%		4.86	%
Public Bond, BBB		7.11			5		2.54			3.25			5.79			5.87			0.075			0.34			5.46
Public Bond, BB		2.49			5		2.54			6.12			8.66			8.84			0.075			1.23			7.54
Public Bond, A		9.40			10		3.53			2.44			5.97			6.06			0.075			0.15			5.83
Public Bond, BBB		8.18			10		3.53			3.18			6.71			6.82			0.075			0.34			6.41
Public Bond, BB		3.73			10		3.53			5.98			9.51			9.74			0.075			1.23			8.43
Public Bond, A		2.86			20		4.30			2.30			6.60			6.71			0.075			0.15			6.49
Public Bond, BBB		2.49			20		4.30			3.10			7.40			7.54			0.075			0.34			7.12
Private Bond, A		3.33			5		2.54			2.73			5.27			5.34			0.075			0.15			5.11
Private Bond, BBB		3.33			5		2.54			3.55			6.09			6.18			0.075			0.34			5.77
Private Bond, A		5.56			10		3.53			2.69			6.22			6.31			0.075			0.15			6.09
Private Bond, BBB		5.56			10		3.53			3.48			7.01			7.13			0.075			0.34			6.72
Private Bond, A		2.22			20		4.30			2.55			6.85			6.97			0.075			0.15			6.75
Private Bond, BBB		2.22			20		4.30			3.40			7.70			7.85			0.075			0.34			7.43

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Primerica

Investment Strategy Summary

As of June 30, 2009

Asset Class	Allocation			Maturity	Treasury			Gross Spread			Gross Yield (BEY)			Gross Yield (AEY)			Investment Expenses			Expected Defaults			Net Yield (AEY)
ABS, AAA		4.44	%	7		3.19	%		3.12	%		6.31	%		6.41	%		0.075	%		0.01	%		6.32	%
ABS, AAA	1.11			30	4.32			1.99			6.31			6.41			0.075			0.01			6.32
CMBS, AAA		0.00		30	4.32			6.53			10.85			11.14			0.075			0.01			11.06
CMO, AAA	3.36			15	3.92			0.28			4.19			4.23			0.075			0.01			4.15
CMO, AAA	10.08			30	4.32			0.28			4.60			4.65			0.075			0.01			4.56
Passthrough, AAA	2.87			15	3.92			0.67			4.58			4.63			0.075			0.01			4.55
Passthrough, AAA	11.47			30	4.32			0.26			4.58			4.63			0.075			0.01			4.55
Total		100.00	%	14.5		3.55	%		2.37	%		5.92	%		6.02	%		0.075	%		0.23	%		5.71	%

For purposes of this analysis, the new money rate for U.S. business was assumed to be 5.70%. The yield on assets backing Primerica Canada general account liabilities was assumed to be 75 bp below the U.S. yields, producing an NIER of 4.95%.

Default Cost

Annual default costs are based on Moody’s Data, covering the period from 1920 through 2008.

Quality	Default Cost
Aaa	0.01%
Aa1	0.02%
Aa2	0.04
Aa3	0.09
A1	0.09%
A2	0.17
A3	0.22
Baa1	0.23%
Baa2	0.36
Baa3	0.46
Ba1	0.88%
Ba2	1.42
Ba3	1.97
B1	2.21%
B2	2.66
B3	2.83
Caa-C	4.63%

Investment Expenses

Investment expenses of 7.5 basis points are included.

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Treasury Yield Curve (Corporate Bond Equivalent)

The projections are based on the constant maturity Treasury yield curve as of June 30, 2009.

Yield Curves June 30, 2009
Maturity	Constant Maturity Treasury		Corporate A-Rated
90-day		0.19%		0.79%
1 year	0.56		1.61
2 year	1.11		3.38
3 year	1.64		3.98
5 year	2.54		5.02
7 year	3.19		5.64
10 year	3.53		5.97
20 year		4.30		6.60
30 year	4.32		5.98

NAIC Risk Based Capital

The factors employed to illustrate future risk based capital amounts were developed from Primerica’s RBC workpapers at June 30, 2009, as follows:

Risk Based Capital Factors: Primerica Life and National Benefit

(100% of NAIC Company Action Level)

Risk Component		Factor
	Base	PLIC		NBL
C-1	General Account Liabilities		1.00%		2.05%
	Reinsurance Reserve Credit		0.50		0.50
C-2	Individual Life Net Amount at Risk (Net)		0.06%		0.15%
	NBL ST Disability Premium		—		10.00
C-3	Life Insurance Liabilities		0.75%		0.75%
C-4	Premium (Direct)		2.00%		2.00%

The projected required capital amounts at 100% NAIC Company Action Level are equal to 70% of the sum of C-1, C-2 and C-3 to reflect the impact of covariance for Primerica, plus 100% of C-4. The C-1 factors for PLIC and NBL reflect the underlying asset portfolio distributions, including size factors, after adjusting for the restructuring transactions.

The cost of capital calculation is based on the cost of retaining capital to support the liabilities of Primerica, assuming earnings on capital at the after-tax annual effective rate of 3.7%.

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APPENDIX B

Liability Models and Assumptions

Model of Term Business

The following tables summarize the model inforce for the term life business as of June 30, 2009 based on seriatim data provided by the Company.

The inforce amounts summarized below are from the seriatim extracts. There are minor differences due to reporting timing from the seriatim extract to the actual booked amounts as of June 30, 2009 which is summarized at the beginning of Section IV.

The model reflects quinquennial issue ages, sex, underwriting class and face bands.

Inforce for Company and Model Plan

As of June 30, 2009

($ in millions)

Company	Model Plan	Plan Description	Modeled Issue Age Range	Policy Count		Death Benefit		YRT Rein Amount		Coinsurance Amount		Stat Base Reserve		Tax Reserve		Gross Premium
Primerica	TCHD	Child Rider	—		—	$	17,371		—	$	13	$	30	$	30	$	64
Life	TRMJ	Mod 15	18-63		24,953		1,018	$	8		426		23		23		15
	TRMK	Ultima Term Rider	23-53		289		816		1		278		12		12		8
	TRML	Deer Term to 65	28-68		13,367		540		180		302		4		4		10
	TRMM	CST T-95	23-58		20,686		2,228		—		1,093		23		23		30
	TRMN	CST T-90	23-63		114,940		14,420		—		4,954		37		37		80
	TRMO	Jumbo 10 Rider	23-53		—		1,806		161		344		11		10		6
	TRMP	Banded CST	23-63		165,686		30,033		20		2,410		212		212		90
	TRMQ	Eagle	23-53		229,588		48,143		22,166		475		536		531		164
	TRMR	T-2000	18-63		40,561		8,673		6,371		26		168		144		21
	TRMS	Custom A	23-53		95,223		26,416		21,738		386		300		291		86
	TRMT	Custom B	23-65		172,368		49,441		38,088		2,233		527		514		152
	TRMU	Custom Plus	23-68		176,843		59,855		51,242		365		558		544		156
	TRMV	Custom IV	18-68		647,145		188,636		138,746		7,349		894		889		590
	TRMW	Custome Advantage	18-68		283,385		85,876		75,959		404		45		45		225
Total Primerica Life					1,985,034	$	535,272	$	354,681	$	21,058	$	3,380	$	3,309	$	1,697

Additional reserves on the US block include:

Primerica Life (in millions)
Deficiency Reserve	$	855

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EOT Conversion

The table on the previous page reflects all business, including end of term (EOT) conversions. As of June 30, 2009, the EOT converted business in the term life block is as follows:

Past Conversion - EOT

As of June 30, 2009

($ in millions)

Company	Model Plan	Plan Description	Policy Count		Death Benefit		YRT Rein Amount		Coinsurance Amount		Stat Base Reserve		Tax Reserve		Gross Premium
Primerica	TCHD	Child Rider		—		—		—		—		—		—		—
Life	TRMJ	Mod 15		—		—		—		—		—		—		—
	TRMK	Ultima Term Rider		—		—		—		—		—		—		—
	TRML	Deer Term to 65		—		—		—		—		—		—		—
	TRMM	CST T-95		—		—		—		—		—		—		—
	TRMN	CST T-90		—		—		—		—		—		—		—
	TRMO	Jumbo 10 Rider		—		—		—		—		—		—		—
	TRMP	Banded CST		—		—		—		—		—		—		—
	TRMQ	Eagle		2	$	—	$	—		—	$	—	$	—	$	—
	TRMR	T-2000	$	—		—		—		—		—		—		—
	TRMS	Custom A		332		43		1		22		1		1		—
	TRMT	Custom B		35,064		4,519		17		1,764		78		77		29
	TRMU	Custom Plus		5,387		908		15		186		18		18		6
	TRMV	Custom IV		164,083		24,022		2,976		6,918		97		97		164
	TRMW	Custome Advantage		7,666		1,349		178		363		3		3		8
Total Primerica Life			$	212,534	$	30,841	$	3,187	$	9,252	$	197	$	195	$	207

Future Business

100% of the future business production including riders (Spouse, CTR, Waiver and IBR) is assumed to be the Custom Advantage product.

Distribution of the Inforce

Distribution for the term life block by key characteristics are summarized below.

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Primerica Life

Inforce for Company and Model Term Period

As of June 30, 2009

($ in millions)

Term Period	Death Benefit		YRT Reinsurance Amount		Coinsurance Amount		Net Death Benefit
5 Year	$	134.0	$	9.6	$	44.2	$	80.2
10 Year		64,282.4		37,143.7		6,626.3		20,512.4
15 Year		44,850.0		30,429.1		2,698.6		11,722.3
20 Year		239,867.5		144,189.4		11,065.7		84,612.4
25 Year		72,818.7		61,397.4		254.7		11,166.6
30 Year		69,679.9		59,547.3		50.6		10,082.1
35 Year		25,728.7		21,783.8		2.7		3,942.3
Deer to Age 65		408.6		136.0		248.5		24.2
15 Year Deer		131.7		44.3		53.7		33.7
Child Rider		17,370.9		—		13.3		17,357.6
Total Primerica Life	$	535,272.5	$	354,680.6	$	21,058.1	$	159,533.8

Primerica Life

Inforce for Company and Model Issue Ages

As of June 30, 2009

($ in millions)

Model Issue Ages	Death Benefit		YRT Reinsurance Amount		Coinsurance Amount		Net Death Benefit
Child Rider	$	17,370.9	$	—	$	13.3	$	17,357.6
18		1,366.2		1,134.2		24.7		207.3
23		40,428.3		29,762.8		876.2		9,789.3
28		96,135.0		67,966.7		2,340.5		25,827.7
33		120,111.4		83,906.0		3,050.1		33,155.3
38		100,343.7		71,372.1		2,571.0		26,400.7
43		69,219.8		48,977.0		2,570.5		17,672.4
48		44,442.6		28,465.9		3,300.7		12,676.0
53		27,217.3		14,812.6		3,328.1		9,076.7
58		12,442.2		5,892.1		1,857.6		4,692.6
63		4,640.4		1,932.7		788.7		1,918.9
68		1,554.7		458.6		336.8		759.2
Total Primerica Life	$	535,272.5	$	354,680.6	$	21,058.1	$	159,533.8

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Primerica Life

Inforce for Company and Smoking Class

As of June 30, 2009

($ in millions)

Model Smoking Class	Model Smoking Class	Death Benefit		YRT Reinsurance Amount		Coinsurance Amount		Net Death Benefit
Pre 1/1/92	Super Preferred NS	$	244.3		—	$	73.7	$	170.6
	Preferred NS		13,870.2		—		3,462.3		10,407.9
	Standard NS		53,844.6		—		15,856.7		37,987.9
	Smoker		3,766.8		—		1,018.4		2,748.4
	Child Rider		1,552.5		—		13.3		1,539.2
Pre 7/1/99	Super Preferred NS	$	157.0	$	94.9	$	0.3	$	61.9
	Preferred NS		20,464.4		10,391.1		35.8		10,037.4
	Standard NS		68,393.3		38,010.7		214.5		30,168.1
	Smoker		7,968.7		4,374.2		15.0		3,579.4
	Child Rider		3,207.8		—		—		3,207.8
Post 7/1/99	Blood Tested Super Preferred NS	$	14,328.3	$	12,866.0	$	3.6	$	1,458.7
	Blood Tested Preferred NS		83,295.2		71,551.8		48.0		11,695.5
	Blood Tested Standard NS		142,670.7		122,897.2		65.3		19,708.2
	Blood Tested Smoker		11,844.1		10,244.2		3.7		1,596.2
	Non-Blood Tested Standard NS		82,013.9		71,186.9		228.7		10,598.2
	Non-Blood Tested Smoker		15,040.2		13,063.6		18.8		1,957.8
	Child Rider		12,610.6		—		—		12,610.6
Total Primerica Life		$	535,272.5	$	354,680.6	$	21,058.1	$	159,533.8

B-4

Milliman

Primerica Life

Inforce for Company and Model Issue Years

As of June 30, 2009

($ in millions)

Model Issue Years	Death Benefit		YRT Reinsurance Amount		Coinsurance Amount		Net Death Benefit
1980	$	9.7		—	$	4.3	$	5.4
1981		46.1		—		30.1		16.0
1982		124.9		—		55.2		69.7
1983		280.3		—		79.5		200.8
1984		363.8		—		111.3		252.5
1985		569.7		—		272.1		297.6
1986		780.7		—		317.7		463.0
1987		1,360.8		—		686.0		674.8
1988		1,775.4		—		889.9		885.4
1989		8,127.0		—		3,567.9		4,559.1
1990		15,199.7		—		2,762.6		12,437.1
1991		11,250.8		—		545.1		10,705.7
1992		11,596.9		—		390.0		11,206.9
1993		11,050.9		—		212.6		10,838.4
1994		12,597.6	$	3,936.9		127.2		8,533.5
1995		12,334.9		7,900.5		71.6		4,362.8
1996		12,234.5		8,461.7		54.6		3,718.2
1997		12,113.6		9,366.2		82.4		2,665.1
1998		13,558.9		10,830.6		174.6		2,553.7
1999		17,243.6		13,316.9		444.7		3,482.0
2000		26,087.3		19,369.2		1,448.4		5,269.7
2001		28,464.7		22,116.0		742.4		5,606.4
2002		31,850.6		26,631.2		140.6		5,078.8
2003		35,291.5		29,342.7		150.7		5,798.2
2004		41,445.9		34,577.3		154.0		6,714.6
2005		39,776.4		33,204.2		164.3		6,407.9
2006		43,419.7		33,291.0		913.5		9,215.2
2007		53,249.2		32,981.5		2,200.9		18,066.7
2008		61,452.3		45,565.6		2,895.1		12,991.6
2009		31,614.7		23,789.1		1,368.7		6,457.0
Total Primerica Life	$	535,272.5	$	354,680.6	$	21,058.1	$	159,533.8

B-5

Milliman

Inforce for Company and Face Amount Per Life

As of June 30, 2009

($ in millions)

Size	Death Benefit		YRT Reinsurance Amount		Coinsurance Amount		Net Death Benefit
$0 - $100k	$	96,200	$	31,426	$	10,937	$	53,837
$100k - $250k		191,922		125,942		8,101		57,879
$250k - $500k		169,226		133,662		1,588		33,976
$500k - $750k		47,395		39,368		152		7,874
$750k - $1M		18,574		15,189		198		3,187
$1M - $1.5M		8,045		6,544		50		1,451
$1.5M - $2M		1,997		1,434		22		541
$2M - $2.5M		757		498		5		253
$2.5M - $3M		435		261		4		170
$3M - $3.5M		185		95		0		90
$3.5M - $4M		129		64		1		64
Above $4M		409		196		0		212
Total Company	$	535,272	$	354,681	$	21,058	$	159,534

Actuarial Assumptions

Mortality

A. Mortality Table

For the US block, the assumed mortality is based on the 15 year SOA 75-80 S&U ANB table, except the Child Rider plan which is based on the Ultimate 75-80 ANB table.

For the Canadian block, the assumed mortality is based on the 15 year CIA 86-92 S&U ANB table, except the Child Rider plan which is based on the Ultimate 86-92 ANB table.

B. Mortality Scaling Factors

i. Class Specific

% of the 75-80 – 15 Year S&U Table

100% of Ultimate Table for Child Rider

	Prior to 1992						1/1/1992 to 6/30/1999						7/1/1999 + (3 Class) Excluding						Custom Advantage
													Blood Tested						Non-Blood Tested
	PNS		SNS		SM		PNS		SNS		SM		PNS		SNS		SM		SNS		SM
	M	F	M	F	M	F	M	F	M	F	M	F	M	F	M	F	M	F	M	F	M	F
18-23	45	45	70	70	115	115	50	50	70	70	95	95	35	38	44	44	80	83	90	90	105	110
28	45	45	65	65	115	115	50	50	65	65	95	95	35	38	44	44	80	83	85	85	105	110
33	33	36	56	56	115	115	32	34	52	52	95	95	29	32	44	44	80	83	60	60	105	110
38	33	36	56	56	115	115	32	34	52	52	100	100	29	32	44	44	80	83	58	58	105	110
43	33	36	56	56	115	115	32	34	52	52	100	100	29	32	44	44	80	83	58	58	110	115
48	33	36	56	56	125	125	32	34	52	52	120	120	29	32	44	44	100	100	58	55	130	140
53	50	58	75	75	140	140	40	40	55	55	130	130	35	38	44	44	110	110	80	80	150	160
58	60	63	80	80	150	150	50	50	60	60	140	140	45	48	50	50	125	125	95	95	170	180
63	60	63	100	100	165	165	50	55	80	80	150	150	45	48	55	55	125	125	95	95	180	190
68	65	68	105	105	170	170	50	55	90	90	160	160	45	48	65	60	125	125	95	95	190	200

B-6

Milliman

Multiples to the above:

A. Certain smoker class policyholders in the mortality study are considered nonsmoker in the seriatim file for premium purposes. The smoker and SNS mortality rates are increased by the following to adjust for this discrepancy.

	SM/SNS
Prior to 92	103%
1/1/92 to 6/30/99	102
7/1/99+	101

B. Since the mortality study was based on the data with historical exposures without mortality improvement, an additional multiple (0.99) 2.5 is applied to reflect mortality improvement between mid-point of the study years and the start of the projection.

ii. First Year Adjustment 120%

iii. Substandard

101.6% applied to all policies to reflect weighted average table weighting.

iv. Custom Advantage has a new “preferred plus” underwriting class. The mortality factors for Custom Advantage are based on the factors of 3 class policies after July 1, 1999, with the following adjustments:

Preferred Plus	:	95.2% of PNS
Non Smoker
Preferred	:	105.8% of PNS
Non Smoker
Standard	:	100% of SNS
Non-Smoker
Standard	:	100% of SM
Smoker

C. Mortality Improvement

1% for 15 years from the beginning of the projection

D. Mortality Anti-Selection

Mortality anti-selection on level premium term products after the initial level term period was reflected based on the assumption that the high level of expected lapse at the end of the level premium period will include a disproportionate share of healthy lives resulting in increased mortality for the remaining lives. We calculated the impact of this anticipated mortality anti-selection using “Dukes/MacDonald theory” with an assumption that 80% of lapses in excess of a base lapse rate of 10% exhibit newly select mortality. Sample mortality anti-selection multiples are shown below for an original issue age 43 non-smoker, with an initial shock lapse of 30% for a 10 year plan and 40% for a 20 year plan.

Issue Age 45
Year After Level Premium Period	10 Year Plan	15 Year Plan
1	122%	131%
2	119	128
5	115	120
10	110	116
15	107	107

A scalar of 110% grading to 100% over fifteen years is applied on subsequent premium increases due to renewal or due to an initial increase going to ART.

B-7

Milliman

Lapses

A. Lapse experience varies by whether or not a policy is an EOT conversion. Base lapse rates in the level term period for the non-converted and the non-EOT converted policies are shown in the table below.

US Block
		Level Term (Excluding EOT Converted)
		Blood Tested									Non-Blood Tested
Policy	Child	PNT			SNT			SM			SNT			SM
Year	Rider	18-28	33-48	53+	18-28	33-48	53+	18-28	33-48	53+	18-28	33-48	53+	18-28	33-48	53+
1	24%	19%	15%	13%	24%	21%	17%	32%	26%	22%	31%	27%	19%	35%	31%	26%
2	16	14	10	9	17	13	11	20	17	13	19	17	13	25	20	16
3	12	11	9	7	13	11	9	16	15	9	15	12	9	16	15	10
4	10	9	7	6	11	9	8	13	12	7	11	9	7	12	10	8
5	8	8	6	5	10	9	8	10	10	7	10	8	7	10	8	7
6	7	8	5	5	9	8	7	10	9	6	9	7	6	9	8	7
7	7	7	5	5	8	7	6	8	8	5	8	6	6	9	7	6
8	6	6	5	5	7	6	5	7	7	4	7	6	5	8	7	6
9	6	5	4	4	6	5	4	6	6	4	6	5	5	7	6	5
10	5	5	4	4	5	4	3	5	4	3	5	4	4	6	5	4
11	5	4	3	3	4	3	3	4	3	3	4	3.5	3.5	5	4	4
12	4	3	3	3	3	3	3	3	3	3	4	3.5	3.5	4	4	4
13	3	2.5	2.5	2.5	2.5	2.5	2.5	3	3	3	3.5	3.5	3.5	3.5	3.5	3.5
14	3	2.5	2.5	2.5	2.5	2.5	2.5	3	3	3	3.5	3.5	3.5	3.5	3.5	3.5
15+	3	2.5	2.5	2.5	2.5	2.5	2.5	3	3	3	3	3	3	3	3	3

Base lapse rates for the EOT converted policies are the same as the above, but no higher than 5%.

B. Lapse and Conversion at the end of initial Level Term Period (LTP).

Conversion rates at the end of the initial level term period are shown below, for all products except Custom Advantage.

End of Term (EOT) Conversion Rate
Level Term Period	Rate
10	50%
15	50
20	50
25	40
30	35
35	30
Other	0

No future conversions are assumed for Custom Advantage since it does not have the conversion provision in the contract. No future conversions are assumed for policies that are beyond attained age 70 at the end of the level term period.

B-8

Milliman

The lapse rates after the end of term are summarized in the following table, depending on whether ART period follows the original level term period. Renewals are not projected for 25, 30, or 35-year term business.

EOT Lapse Rates (% of exposure before conversion)
	Non-ART							ART
	Level Term Period (t)							Level Term Period
	10	15	20	25	30	35	Other	10	15	20	25	30	35	Other
T	28%	30%	35%	60%	65%	70%	100%	28%	30%	35%	60%	65%	70%	100%
t+1	12	12	12					20	20	20
t+2	12	12	12					15	15	15
t+3	10	10	10					15	15	15
t+4	7	7	7					15	15	15
t+5	5	5	5					15	15	15

EOT lapse rates and conversion rates are additive. For example, the total termination rate at the end of a 20-year level term period is 85%.

Lapse rates at the end of the level term period on Custom Advantage are shown below.

Custom Advantage
	Non ART		ART
	10-20	25-30	10-20	25-30
t	60%	100%	60%	100%
t+1	25		50
t+2	10		25
t+3	10		15
t+4	5		15

The shock lapse and conversion is assumed at the end of the current level term period immediately before the renewal period begins.

C. 20% additional lapse is assumed each time there is an increase in premium level after the initial LTP premium increase. If in an ART renewal period, then the 20% is only at the start of the ART period.

D. Lapse following an ART schedule excluding the end of the initial term period are 20% in the first year followed by 15% throughout.

E. 115%, 105% and 100% of the base lapses is assumed in the first, second and third, respectively, and there after to reflect the deterioration of the lapse observed from 2008 and early 2009 experience which management believes is due to the economy and only temporary.

Expenses

The following expenses are assumed.

A. Maintenance: $42.5

B. Inflation: 3%

C. Premium Tax: 2% US

D. Acquisition: $275 New Issue

$60 New Conversion

B-9

Milliman

Commissions

All commissions are paid on cash premium excluding policy fees.

Commission for Advance (75% of net) - 1st Year (Paid Immediately)
LTP	Custom Advantage								Other
	10			15, 20				25, 30, 35	All
Band	1-2	3	4	1	2	3	4	1-4	All
18-25	67.3%	67.3%	56.1%	82.7%	82.7%	82.7%	71.5%	82.7%	91.5%
26-40	67.3	67.3	56.1	91.3	91.3	91.3	80.1	91.3	91.5
41-45	67.3	56.1	44.8	91.3	80.1	80.1	68.8	91.3	91.5
46-50	67.3	44.8	37.3	91.3	72.6	68.8	61.3	0	91.5
51-60	67.3	41.1	37.3	91.3	65.1	65.1	61.3	0	91.5
61-70	67.3	37.3	37.3	75.9	68.4	68.4	68.4	0	91.5

Modal Commission (25% of net) - 1st Year Only*
	Custom Advantage								Other
LTP	10			15, 20				25, 30, 35	All
Band	1-2	3	4	1	2	3	4	1-4	All
18-25	22.4%	22.4%	18.7%	27.6%	27.6%	27.6%	23.8%	27.6%	30.5%
26-40	22.4	22.4	18.7	30.4	30.4	30.4	26.7	30.4	30.5
41-45	22.4	18.7	14.9	30.4	26.7	26.7	22.9	30.4	30.5
46-50	22.4	14.9	12.4	30.4	24.2	22.9	20.4	0	30.5
51-60	22.4	13.7	12.4	30.4	21.7	21.7	20.4	0	30.5
61-70	22.4	12.4	12.4	25.3	22.8	22.8	22.8	0	30.5

* Modal commissions are paid only at months of 10,11 and 12 within the first issue year.

Bonus Advanced - 1st Year Only (Paid Immediately)
	Custom Advantage								Other
LTP	10			15, 20				25, 30, 35	All
Band	1-2	3	4	1	2	3	4	1-4	All
18-25	52.9%	52.9%	52.9%	49.8%	49.8%	49.8%	49.8%	49.8%	56.3%
26-40	52.9	52.9	52.9	52.9	52.9	52.9	52.9	52.9	56.3
41-45	52.9	52.9	52.9	52.9	52.9	52.9	52.9	52.9	56.3
46-50	52.9	52.9	52.9	52.9	52.9	52.9	52.9	0	56.3
51-60	52.9	52.9	52.9	52.9	52.9	52.9	52.9	0	56.3
61-70	52.9	52.9	52.9	44.6	44.6	44.6	44.6	0	56.3

The companies have charge-back provisions on the base commission on a declining scale for lapses during the first ten months, which have not been reflected in the modeling.

IBR Commissions

• Percent of Increased premium resulting from the IBR face amount increase, not total rider premium.

• No Bonus

• Percentage of cash premium (increased amount)

IA
18-25	75%
26+	90%

Commission on Conversion

63% of first year modal premium, of which 52% is paid at issue and 11% is paid at months 10-12 of the first issue year.

B-10

Milliman

Reinsurance

Reinsurance on the inforce business is ceded on both a coinsurance and YRT basis. Beginning in 1994, Primerica has ceded its business primarily on an YRT basis so almost all coinsurance amounts on issues after 1994 are a result of past conversions. Coinsurance exists primarily from business written in the 1980s. The following summarizes the general reinsurance terms.

Coinsurance Allowances

Mod 15

25%

Ultima Term Rider

Issued Prior to 5/1/83:	2.5%
Issued 5/1/83 - 12/31/85:	35%
Issued 1/1/86+:	25%

Common Sense Term

Issued Prior to 1/1/88:	PNS:	2.5%
	SNS:	32.5
	SM:	37.5
Issued in 1988-1990:		12.5%
Issued in 1990+:	IY
	1-20	16%
	21+	12.5

DL65

		1A	1A	1A
		0-49	41-49	50+
Issued Prior to 1/1/90:	PNS	13.8%	8.5%	8.5%
	SNS	18.8	1.5	10.5
	SM	23.8	21.3	21.3
Issued 1//1/90+:	PNS	17.3	12.0	12.0
	SNS	22.3	18.5	14.0
	SM	27.3	24.8	24.8

Jumbo Term Rider 0.10%

0.10%

Bonded CST

19.5%

B-11

Milliman

Eagle

Original			10LTP
IY	20LTP	15LTP	1-10	15+
< 1990	20.0%	12.5%	5.0%	12.5%
1/1/90 - 6/30/91	25.0	12.5	5.0	12.5
7/1/91+	26.5	12.5	5.0	12.5

T2000 (Converted policy)
Base:	31.0% (WA w/ Record/Policy Count)
Spouse:	20.0%

Custom Series (converted policy)

	LTP
	10	15	20	25	30
Custom A, Custom B, and Custom Plus	5%	12.5%	20%	20%	20%

YRT Reinsurance

YRT treaty terms are listed below. All YRT premium rates except for Custom Advantage are increased by 103.5% to account for the special pool arrangement where it is assumed to have 7% overall coverage at a 50% additional premium. Additional YRT premium on substandard policies reflects an overall factor of 101.6%, adjusted by a substandard allowance of 90% for the first policy year and 15% thereafter. Finally, the SNS and SM rates are increased by an additional amount consistent with the mortality assumption increase to account for discrepancies from the actual class for reinsurance versus the class on the seriatim file.

The YRT rates are as follows:

ERA	Issue Period	YRT Terms
1	6/94 - 12/96	80% Quota share with max (1,000,000 per life) i.e., Rein Amt = max ($lm, 80% Direct Amount) YRT Rates were provided by the Company. - Assume 100% of the rates defined in treaty
2	1/97 - 5/99	90% Quota share w/ max of $lm per life YRT rates are the same as Era 1.
3	6/99 - 12/00	90% Quota share w/ max of $1M per life
		YRT Rates = 100% of rates for non-blood. Rates provided by the Company 72% of rates defined in treaty
4	1/01 - 12/02	90% Quota share w/max of $lm per life YRT Rates = Percentage of 75-80 15 Year S&U Table (ANB) (SOA) 1st Year =0% Renewal:
			Male		Female
			Tested	Non-Tested	Tested	Non-Tested
		PNT	35.1%	—	35.1%	—
		SNT	46.0	59.9%	46.0	59.9%
		Tobacco	95.5	126.1	95.5	126.1
		Rates do not vary by sex.

B-12

Milliman

ERA	Issue Period	YRT Terms
5	1/03-12/03	90% Quota share w/max of $lm per life
			Percentage of 75-80
			Tested		Non-Tested
		PNT	33.7%		—
		SNT	43.3		57.5%
		Tobacco	94.4		125.9
6	1/04 - 9/05	90% Quota share w/max of $lm per life
			Percentage of 75-80
			Tested		Non-Tested
		PNT	33.1%		—
		SNT	42.9		57.5%
		Tobacco	96.7		128.3
7	10/05 - 12/05	90% Quota share w/max of $lm per life
			Percentage of 75-80
			Tested						Non-Tested
			1st Year		Renewal				1st Year		Renewal
		PNT	7.4%		33.4%				—		—
		SNT	9.1		42.9				12.5		57.6
		Tobacco	15.8		93.1				21.5		123.3
8	1/06 - 2/06	90% Quota share w/max of $lm per life
			Percentage of 75-80
			Tested					Non-Tested
			1st Year		Renewal			1st Year			Renewal
		PNT	14.67%		34.2%			—			—
		SNT	18.09		42.4			24.45%			57.0%
		Tobacco	34.58		90.9			48.15			123.6
9	3/06 - 9/06	90% Quota share w/max of $lm per life
			Percentage of 75-80
			Tested				Non-Tested
			1st Year		Renewal		1st Year					Renewal
		PNT	19.81%		33.3%		—					—
		SNT	25.15		42.1		34.45%					56.8%
		Tobacco	49.04		88.9		68.53					121.3
10	10/06+	72% Quota share w/max of $lm per life
			Percentage of 75-80
			Tested						Non-Tested
			1st Year		Renewal				1st Year			Renewal
		PNT	24.76%		33.1%				—			—
		SNT	31.44		42.1				43.06%			56.4%
		Tobacco	61.30		88.2				85.66			119.9
11	Custom Advantage	90% Quota share w/max of $lm per life
				Percentage of 75-80
				Tested						Non-Tested
				1st Year		Renewal				1st Year	Renewal
		Female	Pref Plus	22.78%		33.53%				—	—
			PNT	25.32		37.25				—	—
			SNT	31.48		46.37				43.25%	62.03%
			Tobacco	66.07		97.97				87.96	130.55
		Male	Pref Plus	21.90%		32.05%				—	—
			PNT	24.33		35.61				—	—
			SNT	29.91		44.04				41.60%	60.09%
			Tobacco	61.27		92.55				82.61	124.88

Reinsurance on new business in the U.S. is assumed to be recaptured at the end of the level period, when the reinsurers generally have the option to increase YRT rates.

B-13

Milliman

Miscellaneous Liabilities

The following provides a description of certain blocks of business which were projected on an aggregate basis.

1) Retained Asset Account:

Retained Asset Account Initial Reserve
PLIC	$286.5 million

• Future reserves are projected based on 33.5% of claims for PLIC.

• Investment earnings rate: 5.00%

• Credited rate: 3.00%

2) Waiver of Premium:

• Disabled life reserve: $303.1 million (PLIC). Future reserves are projected based on a 20- year straight-line runoff. Valuation rate is 3.5%. No gain or loss from morbidity experience is projected.

• Active life reserve: $110.9 million (PLIC), with an average valuation rate of 4.5% (4.0% NBL). Future reserves are projected as a constant percent of waiver premium.

• Waiver premium: $36.0 million (PLIC). Future premium is projected in proportionto PLIC total premium (about 2.2% of premium)

• Pre-tax profit margin: 25% of premium

B-14

Milliman

APPENDIX C

Detailed Statutory Income Projections

Line of Business	Page
Business Inforce as of June 30, 2009 (100% of business)
•    Primerica - Net (Before New Conversions)	C-2
•    Primerica - New Conversions - Net	C-5
•    Miscellaneous Primerica	C-8
•    Total Existing Business - Primerica	C-11
New Business Issued July 2009 to June 2018
•    Primerica Term	C-13
•    Primerica Waiver of Premium	C-15
•    Retained Asset Account	C-17
•    Total Future Business - Primerica	C-19

C-1

Milliman

017CIG0l\15\0906							Puck(Rev) @06/30/09 - Sens: 7- Year Recapture and PLIC Inforce External Res																								10/21/09
From PUCK0906B.XLS							Line of Business Projection																								03:55 PM
Existing Business at 06/30/2009 (000's)	2009			2010			2011			2012			2013			2014			2015			2016			2017			2018			2019			2020			2021			2022			2023			2024			2025
Primerica - Net (Before New Conversions)
GROSS PREMIUMS		—			1,603,707			1,467,639			1,371,570			1,292,586			1,224,895			1,163,192			1,105,602			1,033,055			955,709			889,594			824,475			756,868			690,002			623,489			563,156			500,966
REINSURANCE PREMIUMS (NET OF ALLOWANCES)		—			(511,964	)		(523,237	)		(538,948	)		(556,469	)		(574,692	)		(576,618	)		(574,992	)		(562,842	)		(545,556	)		(529,031	)		(515,196	)		(492,815	)		(466,018	)		(432,651	)		(390,339	)		(347,211	)
GROSS INVESTMENT INCOME PLUS FEE INCOME		—			155,714			155,599			153,629			149,844			148,386			145,167			140,358			133,290			124,370			114,354			103,421			90,736			76,180			61,627			47,209			32,023
ACCRUAL OF DISCOUNT		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
AMORTIZATION OF IMR		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
LESS INVESTMENT EXPENSE		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
LESS INCOME LOST ON DEFAULTS		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
TOTAL INCOME		—			1,247,457			1,100,001			986,251			885,961			798,589			731,742			670,969			603,502			534,524			474,916			412,700			354,790			300,163			252,465			220,027			185,778
NET SURRENDERS		—			(5,239	)		(4,412	)		(3,667	)		(3,230	)		(2,947	)		(2,793	)		(2,746	)		(2,678	)		(2,678	)		(2,734	)		(2,481	)		(2,283	)		(2,198	)		(2,126	)		(2,056	)		(1,919	)
HEALTH BENEFITS		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
DIRECT DEATH BENEFITS		—			813,891			775,299			761,663			751,877			743,055			733,731			721,189			698,560			663,538			623,568			596,729			571,379			541,257			506,135			462,969			419,338
REINSURANCE DEATH BENEFITS		—			(450,436	)		(447,938	)		(459,582	)		(473,036	)		(487,054	)		(493,729	)		(492,185	)		(483,945	)		(467,049	)		(444,732	)		(429,319	)		(413,036	)		(392,789	)		(367,566	)		(334,313	)		(299,631	)
ACQUISITION EXPENSES		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
OTHER EXPENSES		—			109,636			99,061			91,879			85,814			80,431			75,625			71,139			66,326			61,175			56,377			52,591			48,901			45,066			41,227			37,210			33,359
NET COMMISSIONS		—			46,378			16,560			14,131			12,053			10,033			8,247			6,298			4,535			2,999			1,665			984			—			—			—			—			—
COST OF FINANCING		—			30,465			30,465			30,465			30,052			27,101			23,980			20,987			17,998			15,018			12,146			9,485			6,823			4,057			1,538			—			—
INCREASE IN LOADING		—			(762	)		(568	)		(134	)		(302	)		1,107			660			569			(542	)		(1,186	)		1,596			(141	)		(667	)		(651	)		(1,170	)		2,361			130
INCREASE IN RESERVES		—			46,845			5,654			(47,658	)		(96,697	)		(140,532	)		(164,766	)		(203,466	)		(240,307	)		(260,466	)		(264,737	)		(297,539	)		(336,517	)		(331,605	)		(303,157	)		(263,610	)		(206,314	)
INCR IN RESERVE FINANCING LIABILITY		—			(13,756	)		(1,733	)		13,762			98,354			104,030			99,785			99,632			99,339			95,736			88,690			88,718			92,201			83,979			51,263			—			—
TOTAL DISBURSEMENTS		—			577,022			472,387			400,859			404,886			335,224			280,739			221,417			159,285			107,088			71,838			19,027			(33,199	)		(52,883	)		(73,857	)		(97,439	)		(55,037	)
STATUTORY GAIN		—			670,435			627,614			585,392			481,075			463,365			451,002			449,552			444,218			427,435			403,078			393,673			387,989			353,046			326,322			317,466			240,814
CAPITAL GAINS		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
GAIN ON CALLS AND ROLLOVER		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
LESS DEFAULT LOSSES		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
LESS IMR CAPITALIZATION		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
BOOK PROFIT		—			670,435			627,614			585,392			481,075			463,365			451,002			449,552			444,218			427,435			403,078			393,673			387,989			353,046			326,322			317,466			240,814
INCREASE IN SURPLUS		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
FEDERAL INCOME TAX		—			223,984			206,992			197,377			188,810			183,181			176,398			175,260			172,971			166,452			156,569			153,695			153,801			139,421			119,455			99,131			72,778
PROFITS RELEASED		—			446,451			420,622			388,015			292,265			280,184			274,604			274,292			271,247			260,983			246,509			239,978			234,188			213,625			206,867			218,335			168,036
STATUTORY RESERVE (GA) (Canada=GAAP)		3,469,989			3,516,834			3,522,489			3,474,830			3,378,133			3,237,601			3,072,835			2,869,369			2,629,062			2,368,596			2,103,859			1,806,320			1,469,803			1,138,199			835,041			571,431			365,117
RESERVE FINANCING		(1,000,000	)		(1,013,756	)		(1,015,489	)		(1,001,727	)		(903,373	)		(799,343	)		(699,558	)		(599,926	)		(500,587	)		(404,851	)		(316,161	)		(227,443	)		(135,242	)		(51,263	)		—			—			—
TOTAL LIABILITY (GA)		2,458,300			2,492,115			2,496,376			2,462,544			2,463,470			2,426,037			2,359,465			2,253,710			2,113,356			1,949,072			1,773,761			1,565,732			1,322,191			1,075,357			823,726			560,496			354,861
SEPARATE ACCOUNT LIABILITY		—			—			—			—			—			—			—			���			—			—			—			—			—			—			—			—			—
TAX RESERVE (GA)		2,568,043			2,632,340			2,672,810			2,660,436			2,602,978			2,505,535			2,385,972			2,229,027			2,038,689			1,826,262			1,606,690			1,353,205			1,058,222			766,089			499,480			270,486			97,727
INTEREST MAINTENANCE RESERVE		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
POLICIES IN FORCE (UNSCALED)		1,978,221			1,701,600			1,509,020			1,361,390			1,233,088			1,117,868			1,017,868			923,317			828,674			739,802			660,529			605,434			545,550			489,245			434,169			378,372			330,134
INSURANCE IN FORCE (NET)		158,301,613			137,854,183		119,545,126			104,452,408			91,120,860				78,449,891			71,080,965		64,636,389			57,938,891			52,036.482				46,772,176		42,978,641				38,691,806		34,371,851			30,373,890			26,436,229				22,910,555
CASH VALUE IN FORCE		4,931			5,896			6,343			5,994			5,384			4,708			4,164			3,946			4,072			4,491			5,213			4,940			4,611			4,271			3,184			1,955			1,165
ECONOMIC RESERVE (Canada=GAAP)		(1,169,667	)		(736,095	)		(351,278	)		(26,700	)		242,709			461,012			639,743			778,912			882,763			953,827			996,542			1,006,608			989,725			949,339			891,883			822,778			747,503
EXCESS RESERVE (STAT LESS ECON)		3,639,656			3,239,174			2,858,278			2,499,804			2,232,051			1,977,246			1,733,535			1,490,531			1,245,712			1,009,918			791,156			572,269			344,836			137,597			(56,842	)		(251,347	)		(382,387	)
EXCESS RESERVE (STAT less ECON Floored at Zero)		2,641,038			2,672,792			2,679,081			2,499,804			2,232,051			1,977,246			1,733,535			1,490,531			1,245,712			1,009,918			791,156			572,269			344,836			137,597			(56,842	)		(251,347	)		(382,387	)
GROSS DEFERRED PREMIUMS		16,793			15,305			14,397			14,198			14,628			16,666			18,916			21,406			20,249			18,618			19,478			18,545			17,103			15,660			14,227			16,208			15,658
NET DEFERRED PREMIUMS		11,690			10,964			10,624			10,559			11,291			12,221			13,812			15,733			15,118			14,673			13,937			13,146			12,370			11,579			11,316			10,935			10,255
PV AT 9.00% PROFITS RELEASED		—			409,588			763,618			1,063,237			1,270,284			1,452,384			1,616,122			1,766,169			1,902,299			2,022,463			2,126,591			2,219,591			2,302,852			2,372,532			2,434,437			2,494,378			2,536,701
PV AT 11.00% PROFITS RELEASED		—			402,208			743,595			1,027,308			1,219,832			1,386,107			1,532,922			1,665,037			1,782,738			1,884,763			1,971,580			2,047,721			2,114,661			2,169,673			2,217,665			2,263,298			2,294,938
PV AT 13.00% PROFITS RELEASED		—			395,090			724,499			993,413			1,172,664			1,324,736			1,456,634			1,573,225			1,675,257			1,762,134			1,834,753			1,897,315			1,951,343			1,994,958			2,032,334			2,067,244			2,091,020
PV AT 9.00% BOOK PROFITS	9.0%				615,078			1,143,328			1,595,359			1,936,164			2,237,319			2,506,237			2,752,158			2,975,096			3,171,899			3,342,163			3,494,725			3,632,668			3,747,824			3,845,475			3,932,631			3,993,285
PV AT 11.00% BOOK PROFITS	11.0%				603,996			1,113,381			1,541,415			1,858,314			2,133,298			2,374,423			2,590,953			2,783,711			2,950,806			3,092,764			3,217,670			3,328,573			3,419,487			3,495,192			3,561,544			3,606,888
PV AT 13.00% BOOK PROFITS	13.0%				593,306			1,084,819			1,490,526			1,785,578			2,037,074			2,253,698			2,444,785			2,611,882			2,754,169			2,872,911			2,975,541			3,065,052			3,137,132			3,196,090			3,246,850			3,280,924
PV AT 9.00% FEDERAL INCOME TAX	9.0%				205,490			379,711			532,122			665,880			784,935			890,116			985,989			1,072,797			1,149,436			1,215,572			1,275,134			1,329,816			1,375,292			1,411,038			1,438,253			1,456,584
PV AT 11.00% FEDERAL INCOME TAX	11.0%				201,787			369,786			514,107			638,482			747,191			841,501			925,916			1,000,973			1,066,043			1,121,184			1,169,949			1,213,911			1,249,814			1,277,527			1,298,246			1,311,950
PV AT 13.00% FEDERAL INCOME TAX	13.0%				198,216			360,321			497,113			612,914			712,337			797,065			871,561			936,625			992,035			1,038,158			1,078,226			1,113,709			1,142,173			1,163,756			1,179,606			1,189,904
Tax Reserve before unamort DAC		2,568,043			2,745,642			2,876,425			2,936,170			2,934,698			2,878,512			2,787,248			2,646,052			2,458,828			2,236,543			1,994,886			1,714,299			1,393,368			1,075,997			784,754			531,840			336,044
GAAP Benefit Reserve		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
GAAP Expense Reserve		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
Primerica - Net (Before New Conversions) - Cost of Cap Calc
Capital (Based on 300% RBC (i=5.70%))		415,070			385,058			354,111			328,008			303,500			279,110			260,811			242,710			222,217			201,768			182,703			164,660			144,590			124,613			105,864			88,688			73,666
Capital: After-Tax int less change (i=5.70%)					45,391			45,213			39,223			36,661			35,635			28,640			27,763			29,486			28,683			26,540			24,813			26,171			25,334			23,366			21,098			18,308
PRE-TAX BOOK PROFIT					670,435			627,614			585,392			481,075			463,365			451,002			449,552			444,218			427,435			403,078			393,673			387,989			353,046			326,322			317,466			240,814
FEDERAL INCOME TAX					(223,984	)		(206,992	)		(197,377	)		(188,810	)		(183,181	)		(176,398	)		(175,260	)		(172,971	)		(166,452	)		(156,569	)		(153,695	)		(153,801	)		(139,421	)		(119,455	)		(99,131	)		(72,778	)
Profit After-Tax, After Cost of Capital					491,842			465,835			427,238			328,926			315,818			303,245			302,056			300,733			289,666			273,049			264,791			260,358			238,959			230,233			239,433			186,345
Present Values							9.00%			11.00%			13.00%			15.00%			20.00%			16.00%
PV PRE-TAX BOOK PROFIT								4,093,405			3,679,085			3,333,323			3,041,872			2,485,692			2,913,019
PV FEDERAL INCOME TAX								(1,479,933	)		(1,329,129	)		(1,202,592	)		(1,095,491	)		(890,222	)		(1,048,026	)
PV Capital: After-Tax int less change (i=5.70%) less Init Cap								(125,102	)		(156,035	)		(181,389	)		(202,463	)		(242,033	)		(211,701	)
PV After-Tax. After Cost of Capital								2,488,370			2,193,921			1,949,342			1,743,919			1,353,437			1,653,292

C-2

Milliman

017CIG01\15\0906 From PUCK0906B.XLS	Puck(Rev) @06/30/09 - Sens: 7-Year Recapture and PLIC Inforce External Res Financing@28.9% (Preliminary) Line of Business Projection																																				10/21/09 03:55 PM
Existing Business at 06/30/2009 (000's)	2026			2027			2028			2029			2030			2031			2032			2033			2034			2035			2036			2037			2038			2039
Primerica - Net (Before New Conversions)
GROSS PREMIUMS		440,511			387,383			337,677			303,420			278,522			265,352			244,863			223,479			204,668			179,872			155,783			133,976			113,325			81,672
REINSURANCE PREMIUMS (NET OF ALLOWANCE:		(303,319	)		(263,588	)		(215,361	)		(177,770	)		(178,870	)		(178,559	)		(177,944	)		(176,767	)		(152,134	)		(124,130	)		(101,572	)		(85,562	)		(67,987	)		(30,419	)
GROSS INVESTMENT INCOME PLUS FEE INCOME		20,170			11,007			4,023			373			(1,116	)		(1,700	)		(2,463	)		(3,504	)		(3,969	)		(2,998	)		(1,824	)		(1,300	)		(1,050	)		(45	)
ACCRUAL OF DISCOUNT		—			—			—			—			—			—			—			—			—			—			—			—			—			—
AMORTIZATION OF IMR		—			—			—			—			—			—			—			—			—			—			—			—			—			—
LESS INVESTMENT EXPENSE		—			—			—			—			—			—			—			—			—			—			—			—			—			—
LESS INCOME LOST ON DEFAULTS		—			—			—			—			—			—			—			—			—			—			—			—			—			—
TOTAL INCOME		157,363			134,802			126,340			126,023			98,536			85,094			64,456			43,208			48,564			52,744			52,387			47,115			44,288			51,209
NET SURRENDERS		(1,837	)		(1,876	)		(1,917	)		(1,910	)		(1,777	)		(1,680	)		(1,557	)		(1,388	)		(1,244	)		(1,120	)		(1,004	)		(892	)		(779	)		(2,656	)
HEALTH BENEFITS		—			—			—			—			—			—			—			—			—			—			—			—			—			—
DIRECT DEATH BENEFITS		377,374			332,463			281,032			234,405			205,916			200,735			196,698			193,407			179,449			148,810			123,181			103,646			85,204			64,084
REINSURANCE DEATH BENEFITS		(266,032	)		(231,964	)		(194,913	)		(159,052	)		(138,015	)		(136,921	)		(136,706	)		(137,175	)		(127,838	)		(103,732	)		(83,762	)		(69,602	)		(57,687	)		(51,995	)
ACQUISITION EXPENSES		—			—			—			—			—			—			—			—			—			—			—			—			—			—
OTHER EXPENSES		29,675			26,003			22,217			18,989			17,365			16,609			15,813			14,970			13,517			11,215			9,305			7,896			6,598			4,982
NET COMMISSIONS		—			—			—			—			—			—			—			—			—			—			—			—			—			—
COST OF FINANCING		—			—			—			—			—			—			—			—			—			—			—			—			—			—
INCREASE IN LOADING		(532	)		965			(249	)		1,424			515			278			(481	)		(1,010	)		954			(359	)		(780	)		(833	)		(867	)		(4,428	)
INCREASE IN RESERVES		(161,972	)		(131,708	)		(72,550	)		(16,481	)		(5,307	)		(4,938	)		(12,031	)		(15,550	)		10,634			16,828			7,784			999			4,117			15,058
INCR IN RESERVE FINANCING LIABILITY		—			—			—			—			—			—			—			—			—			—			—			—			—			—
TOTAL DISBURSEMENTS		(23,323	)		(6,116	)		33,620			77,375			78,697			74,082			61,737			53,253			75,473			71,642			54,723			41,213			36,586			25,045
STATUTORY GAIN		180,686			140,919			92,719			48,648			19,840			11,012			2,720			(10,046	)		(26,909	)		(18,899	)		(2,336	)		5,902			7,702			26,164
CAPITAL GAINS		—			—			—			—			—			—			—			—			—			—			—			—			—			—
GAIN ON CALLS AND ROLLOVER		—			—			—			—			—			—			—			—			—			—			—			—			—			—
LESS DEFAULT LOSSES		—			—			—			—			—			—			—			—			—			—			—			—			—			—
LESS IMR CAPITALIZATION		—			—			—			—			—			—			—			—			—			—			—			—			—			—
BOOK PROFIT		180,686			140,919			92,719			48,648			19,840			11,012			2,720			(10,046	)		(26,909	)		(18,899	)		(2,336	)		5,902			7,702			26,164
INCREASE IN SURPLUS		—			—			—			—			—			—			—			—			—			—			—			—			—			—
FEDERAL INCOME TAX		52,712			39,781			24,398			10,295			726			(1,434	)		(3,617	)		(7,543	)		(12,672	)		(9,560	)		(3,583	)		(566	)		259			7,524
PROFITS RELEASED		127,974			101,137			68,321			38,353			19,114			12,446			6,336			(2,503	)		(14,237	)		(9,338	)		1,247			6,468			7,443			18,640
STATUTORY RESERVE (GA) (Canada=GAAP)		203,145			71,437			(1,112	)		(17,594	)		(22,901	)		(27,839	)		(39,869	)		(55,419	)		(44,785	)		(27,956	)		(20,173	)		(19,174	)		(15,058	)		—
RESERVE FINANCING		—			—			—			—			—			—			—			—			—			—			—			—			—			—
TOTAL LIABILITY (GA)		193,527			62,633			(10,061	)		(27,653	)		(33,844	)		(39,543	)		(49,916	)		(63,964	)		(52,886	)		(35,237	)		(26,492	)		(24,417	)		(19,206	)		—
SEPARATE ACCOUNT LIABILITY		—			—			—			—			—			—			—			—			—			—			—			—			—			—
TAX RESERVE (GA)		(33,526	)		(137,162	)		(186,846	)		(185,205	)		(173,629	)		(164,219	)		(161,539	)		(164,082	)		(143,708	)		(117,643	)		(100,997	)		(91,403	)		(79,229	)		(55,356	)
INTEREST MAINTENANCE RESERVE		—			—			—			—			—			—			—			—			—			—			—			—			—			—
POLICIES IN FORCE (UNSCALED)		284,498			238,073			192,130			160,266			148,799			138,381			129,263			120,384			97,664			75,745			60,960			49,631			39,378			—
INSURANCE IN FORCE (NET)		19,677,811			15,433,294		11,866,442			9.182,259				8,439,733			7,753,031			7,013,809			6,386,939			5,338,440			4,334,747			3,619,827		2.617,631				1,939,061			—
CASH VALUE IN FORCE		301			(376	)		(1,223	)		(1,995	)		(2,037	)		(1,471	)		(4	)		1,169			184			(1,024	)		(1,208	)		(1,110	)		(1,250	)		—
ECONOMIC RESERVE (Canada=GAAP)		673,983			603,514			550,180			513,034			460,749			400,998			329,363			246,367			176,042			120,401			74,378			33,275			840			—
EXCESS RESERVE (STAT LESS ECON)		(470,838	)		(532,077	)		(551,293	)		(530,627	)		(483,650	)		(428,837	)		(369,232	)		(301,786	)		(220,827	)		(148,358	)		(94,551	)		(52,449	)		(15,898	)		—
EXCESS RESERVE (STAT less ECON Floored at Zero)		(470,838	)		(532,077	)		(551,293	)		(530,627	)		(483,650	)		(428,837	)		(369,232	)		(301,786	)		(220,827	)		(148,358	)		(94,551	)		(52,449	)		(15,898	)		—
GROSS DEFERRED PREMIUMS		14,489			14,641			14,537			17,070			18,470			19,509			17,371			14,859			15,369			14,189			12,447			10,537			8,576			—
NET DEFERRED PREMIUMS		9,618			8,804			8,949			10,059			10,943			11,705			10,047			8,545			8,101			7,280			6,319			5,242			4,148			—
PV AT 9.00% PROFITS RELEASED		2,566,273			2,587,713			2,601,001			2,607,844			2,610,973			2,612,842			2,613,715			2,613,399			2,611,748			2,610,754			2,610,876			2,611,455			2,612,067			2,613,472
PV AT 11.00% PROFITS RELEASED		2,316,647			2,332,103			2,341,509			2,346,266			2,348,402			2,349,655			2,350,230			2,350,025			2,348,977			2,348,358			2,348,432			2,348,780			2,349,141			2,349,956
PV AT 13.00% PROFITS RELEASED		2,107,045			2,118,252			2,124,952			2,128,281			2,129,748			2,130,594			2,130,975			2,130,842			2,130,172			2,129,782			2,129,828			2,130,040			2,130,255			2,130,731
PV AT 9.00% BOOK PROFITS		4,035,037			4,064,911			4,082,944			4,091,624			4,094,872			4,096,526			4,096,900			4,095,631			4,092,510			4,090,499			4,090,271			4,090,800			4,091,433			4,093,405
PV AT 11.00% BOOK PROFITS		3,637,538			3,659,073			3,671,839			3,677,873			3,680,090			3,681,198			3,681,445			3,680,624			3,678,643			3,677,390			3,677,251			3,677,568			3,677,942			3,679,085
PV AT 13.00% BOOK PROFITS		3,303,550			3,319,165			3,328,258			3,332,479			3,334,003			3,334,751			3,334,915			3,334,380			3,333,113			3,332,325			3,332,239			3,332,432			3,332,654			3,333,323
PV AT 9.00% FEDERAL INCOME TAX		1,468,764			1,477,198			1,481,943			1,483,780			1,483,899			1,483,683			1,483,185			1,482,232			1,480,762			1,479,745			1,479,395			1,479,345			1,479,366			1,479,933
PV AT 11.00% FEDERAL INCOME TAX		1,320,891			1,326,971			1,330,330			1,331,607			1,331,688			1,331,543			1,331,215			1,330,599			1,329,666			1,329,032			1,328,818			1,328,788			1,328,800			1,329,129
PV AT 13 .00% FEDERAL INCOME TAX		1,196,505			1,200,913			1,203,305			1,204,199			1,204,255			1,204,157			1,203,940			1,203,538			1,202,941			1,202,543			1,202,411			1,202,392			1,202,400			1,202,592
Tax Reserve before unamort DAC		182,712		57,931				(11,365	)		(27,865	)		(34,021	)		(39,700	)		(50,072	)		(64,141	)		(53,111	)		(35,490	)		(26,756	)		(24,673	)		(19,436	)		—
GAAP Benefit Reserve		—			—			—			—			—			—			—			—			—			—			—			—			—			—
GAAP Expense Reserve		—			—			—			—			—			—			—			—			—			—			—			—			—			—
Primerica - Net (Before New Conversions) - Cost c
Capital (Based on 300% RBC (i=5.70%))		60,504			47,484			37,210			30,814			28,213			26,410			23,940			21,436			19,018			16,445			14,121			11,459			9,343			4,900
Capital: After-Tax int less change (i=5.70%)		15,891			15,262			12,033			7,775			3,742			2,848			3,449			3,391			3,212			3,277			2,933			3,185			2,541			4,788
PRE-TAX BOOK PROFIT		180,686			140,919			92,719			48,648			19,840			11,012			2,720			(10,046	)		(26,909	)		(18,899	)		(2,336	)		5,902			7,702			26,164
FEDERAL INCOME TAX		(52,712	)		(39,781	)		(24,398	)		(10,295	)		(726	)		1,434			3,617			7,543			12,672			9,560			3,583			566			(259	)		(7,524	)
Profit After-Tax, After Cost of Capital		143,865			116,400			80,354			46,128			22,856			15,294			9,785			888			(11,025	)		(6,061	)		4,180			9,653			9,984			23,429
Present Values
PV PRE-TAX BOOK PROFIT
PV FEDERAL INCOME TAX
PV Capital: After-Tax int less change (i=5.70%) less Init Cap
PV After-Tax, After Cost of Capital

C-3

Milliman

017CIG01\15\0906	Puck(Rev) @06/30/09 - Sens: 7-Year Recapture and PLIC Inforce External											10/21/09
From PUCK0906B.XLS	Line of Business Projection - Present Value of Components of Profi											03:55 PM
	As of June 30, 2009
Existing Business at 06/30/2009 (000’s)	9.00%		11.00%			13.00%			15.00%
Primerica - Net (Before New Conversions)	Value of Existing Business at 06/30/2009 (000’s)
GROSS PREMIUMS	9,927,846			8,888,030			8,034,397			7,323,239
REINSURANCE PREMIUMS (NET OF    ALLOWANCE:	(4,719,263	)		(4,135,016	)		(3,664,307	)		(3,279,323	)
GROSS INVESTMENT INCOME PLUS FEE    INCOME	1,072,960			970,354			883,028			808,165
ACCRUAL OF DISCOUNT	—			—			—			—
AMORTIZATION OF IMR	—			—			—			—
LESS INVESTMENT EXPENSE	—			—			—			—
LESS INCOME LOST ON DEFAULTS	—			—			—			—
TOTAL INCOME	6,281,543			5,723,367			5,253,118			4,852,081
NET SURRENDERS	(29,802	)		(26,285	)		(23,504	)		(21,261	)
HEALTH BENEFITS	—			—			—			—
DIRECT DEATH BENEFITS	6,188,951			5,465,007			4,879,021			4,397,414
REINSURANCE DEATH BENEFITS	(4,030,003	)		(3,533,332	)		(3,133,019	)		(2,805,482	)
ACQUISITION EXPENSES	—			—			—			—
OTHER EXPENSES	655,453			587,700			532,018			485,580
NET COMMISSIONS	95,562			90,930			86,732			82,912
COST OF FINANCING	170,760			157,575			146,011			135,816
INCREASE IN LOADING	(651	)		(575	)		(554	)		(559	)
INCREASE IN RESERVES	(1,351,260	)		(1,120,652	)		(936,151	)		(787,347	)
INCR INRESERVE FINANCING LIABILITY	489,130			423,915			369,242			323,135
TOTAL DISBURSEMENTS	2,188,139			2,044,283			1,919,795			1,810,209
STATUTORY GAIN	4,093,405			3,679,085			3,333,323			3,041,872
CAPITAL GAINS	—			—			—			—
GAIN ON CALLS AND ROLLOVER	—			—			—			—
LESS DEFAULT LOSSES	—			—			—			—
LESS IMR CAPITALIZATION	—			—			—			—
BOOK PROFIT	4,093,405			3,679,085			3,333,323			3,041,872
INCREASE IN SURPLUS	—			—			—			—
FEDERAL INCOME TAX	1,479,933			1,329,129			1,202,592			1,095,491
PROFITS RELEASED	2,613,472			2,349,956			2,130,731			1,946,382

C-4

Milliman

017CIG01\15\0906	Puck(Rev) @06/30/09 - Sens: 7-Year Recapture and PLIC Inforce External Res Financing@28.9% (Preliminary)																														10/21/09
From PUCK0906B.XLS	Line of Business Projection																														03:55PM
Existing Business at 06/30/2009 (000's)	2009			2010			2011			2012			2013			2014			2015			2016			2017			2018			2019			2020			2021			2022			2023			2024			2025
Primerica New Conversions - Net
GROSS PREMIUMS		—			26,437			70,844			103,618			135,521			165,470			193,421			220,384			233,207			235,829			240,919			237,879			230,755			223,041			215,484			208,747			203,338
REINSURANCE PREMIUMS (NET OF ALLOWANCES)		—			(14,300	)		(21,579	)		(26,368	)		(31,477	)		(37,516	)		(54,686	)		(73,665	)		(80,472	)		(88,298	)		(96,786	)		(96,880	)		(96,694	)		(95,274	)		(93,461	)		(91,163	)		(82,561	)
GROSS INVESTMENT INCOME PLUS FEE INCOME		—			(705	)		10,161			10,046			10,394			11,391			12,731			14,041			15,755			17,031			17,497			17,295			16,848			16,118			14,904			13,421			11,931
ACCRUAL OF DISCOUNT		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
AMORTIZATION OF IMR		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
LESS INVESTMENT EXPENSE		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
LESS INCOME LOST ON DEFAULTS		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
TOTAL INCOME		—			11,432			59,425			87,297			114,437			139,345			151,467			160,759			168,490			164,562			161,630			158,294			150,909			143,885			136,927			131,005			132,708
NET SURRENDERS		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
HEALTH BENEFITS		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
DIRECT DEATH BENEFITS		—			17,706			51,327			77,506			103,974			130,281			156,775			183,704			202,673			214,985			229,339			230,412			219,047			209,342			198,136			186,492			174,617
REINSURANCE DEATH BENEFITS		—			(7,996	)		(18,547	)		(24,267	)		(30,096	)		(36,265	)		(48,876	)		(67,165	)		(78,674	)		(84,067	)		(90,742	)		(91,457	)		(88,772	)		(87,553	)		(85,993	)		(84,194	)		(79,629	)
ACQUISITION EXPENSES		—			3,116			2,433			1,974			1,841			1,783			1,623			1,776			610			767			813			147			162			154			134			139			81
OTHER EXPENSES		—			1,709			4,547			6,535			8,421			10,132			11,670			13,158			13,955			14,212			14,611			14,114			13,023			12,131			11,257			10,453			9,651
NET COMMISSIONS		—			22,329			25,487			22,155			21,954			22,455			22,724			23,672			11,162			10,487			11,188			3,216			2,219			2,248			2,016			2,001			1,302
COST OF FINANCING		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
INCREASE IN LOADING		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
INCREASE IN RESERVES		—			186,253			(6,675	)		3,792			16,685			25,884			24,604			24,360			28,319			14,286			(6,376	)		(9,745	)		(14,332	)		(23,825	)		(29,118	)		(32,177	)		(26,257	)
INCR IN RESERVE FINANCING LIABILITY		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
TOTAL DISBURSEMENTS		—			223,117			58,572			87,695			122,780			154,270			168,521			179,505			178,044			170,670			158,834			146,686			131,346			112,497			96,433			82,714			79,765
STATUTORY GAIN		—			(211,685	)		853			(398	)		(8,343	)		(14,924	)		(17,054	)		(18,746	)		(9,555	)		(6,109	)		2,796			11,609			19,563			31,388			40,494			48,291			52,943
CAPITAL GAINS		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
GAIN ON CALLS AND ROLLOVER		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
LESS DEFAULT LOSSES		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
LESS IMR CAPITALIZATION		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
BOOK PROFIT		—			(211,685	)		853			(398	)		(8,343	)		(14,924	)		(17,054	)		(18,746	)		(9,555	)		(6,109	)		2,796			11,609			19,563			31,388			40,494			48,291			52,943
INCREASE IN SURPLUS		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
FEDERAL INCOME TAX		—			(6,687	)		(2,966	)		(5,955	)		(7,627	)		(9,023	)		(9,150	)		(9,139	)		(5,637	)		(4,643	)		(1,683	)		2,880			6,751			10,365			13,140			15,578			17,318
PROFITS RELEASED		—			(204,998	)		3,819			5,557			(716	)		(5,901	)		(7,904	)		(9,606	)		(3,918	)		(1,465	)		4,478			8,729			12,812			21,023			27,354			32,712			35,626
STATUTORY RESERVE (GA) (Canada=GAAP)		—			186,253			179,578			183,370			200,054			225,938			250,542			274,902			303,221			317,508			311,132			301,387			287,055			263,230			234,113			201,936			175,679
RESERVE FINANCING		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
TOTAL LIABILITY (GA)		—			186,253			179,578			183,370			200,054			225,938			250,542			274,902			303,221			317,508			311,132			301,387			287,055			263,230			234,113			201,936			175,679
SEPARATE ACCOUNT LIABILITY		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
TAX RESERVE (GA)		—			(6,327	)		(3,675	)		16,733			46,865			83,606			117,299			149,025			183,894			205,338			206,565			200,201			186,144			164,094			137,928			109,532			86,738
INTEREST MAINTENANCE RESERVE		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
POLICIES IN FORCE (UNSCALED)		—			50,555			85,880			111,334			132,418			150,595			164,679			179,301			176,873			176,273			176,013			153,373			134,763			119,044			104,718			91,641			78,049
INSURANCE IN FORCE (NET)		—		4,092,767				8,757,255			12,662,947			15,939,132			19,046,285			19,584,856			19,850,947			19,375,491			19,008,416		18,651,255			16,521,621			14,251,365			12,224,280			10,398,649			8,663,416				7,517,724
CASH VALUE IN FORCE		—			(1,876	)		(2,601	)		(831	)		1,176			3,011			3,786			3,993			3,116			1,223			(606	)		(1,022	)		(1,298	)		(1,601	)		(1,857	)		(2,085	)		(2,220	)
ECONOMIC RESERVE (Canada=GAAP)		—			11,759			30,369			50,499			72,220			98,188			128,631			156,486			171,053			174,534			166,478			160,682			152,311			140,034			125,185			109,549			97,348
EXCESS RESERVE (STAT LESS ECON)		—			174,494			149,209			132,871			127,834			127,750			121,912			118,416			132,168			142,974			144,654			140,705			134,744			123,197			108,927			92,387			78,331
EXCESS RESERVE (STAT less ECON Floored al Zero)		—			174,494			149,209			132,871			127,834			127,750			121,912			118,416			132,168			142,974			144,654			140,705			134,744			123,197			108,927			92,387			78,331
GROSS DEFERRED PREMIUMS		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
NET DEFERRED PREMIUMS		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
PV AT 9.00% PROFITS RELEASED		—			(188,072	)		(184,858	)		(180,567	)		(181,074	)		(184,909	)		(189,622	)		(194,877	)		(196,844	)		(197,518	)		(195,627	)		(192,244	)		(187,689	)		(180,831	)		(172,646	)		(163,665	)		(154,692	)
PV AT 11.00% PROFITS RELEASED		—			(184,683	)		(181,584	)		(177,521	)		(177,992	)		(181,494	)		(185,720	)		(190,347	)		(192,047	)		(192,620	)		(191,043	)		(188,273	)		(184,611	)		(179,197	)		(172,851	)		(166,014	)		(159,306	)
PV AT 13.00% PROFITS RELEASED		—			(181,414	)		(178,424	)		(174,573	)		(175,012	)		(178,215	)		(182,011	)		(186,094	)		(187,568	)		(188,056	)		(186,737	)		(184,461	)		(181,505	)		(177,213	)		(172,271	)		(167,040	)		(162,000	)
PV AT 9.00% BOOK PROFITS		9.0	%		(194,207	)		(193,489	)		(193,796	)		(199,706	)		(209,406	)		(219,575	)		(229,829	)		(234,625	)		(237,437	)		(236,256	)		(231,757	)		(224,802	)		(214,564	)		(202,446	)		(189,189	)		(175,854	)
PV AT 11.00% BOOK PROFITS		11.0	%		(190,707	)		(190,015	)		(190,306	)		(195,802	)		(204,659	)		(213,776	)		(222,805	)		(226,951	)		(229,339	)		(228,355	)		(224,672	)		(219,080	)		(210,997	)		(201,602	)		(191,510	)		(181,541	)
PV AT 13.00% BOOK PROFITS		13.0	%		(187,332	)		(186,664	)		(186,940	)		(192,057	)		(200,157	)		(208,348	)		(216,316	)		(219,911	)		(221,944	)		(221,120	)		(218,094	)		(213,581	)		(207,172	)		(199,856	)		(192,135	)		(184,644	)
PV AT 9.00% FEDERAL INCOME TAX		9.0	%		(6.135	)		(8,631	)		(13,229	)		(18,632	)		(24,497	)		(29,953	)		(34,952	)		(37,781	)		(39,919	)		(40,630	)		(39,514	)		(37,113	)		(33,733	)		(29,801	)		(25,524	)		(21,162	)
PV AT 11.00% FEDERAL INCOME TAX		11.0	%		(6,024	)		(8,431	)		(12,786	)		(17,809	)		(23,164	)		(28,056	)		(32,458	)		(34,904	)		(36,719	)		(37,312	)		(36,398	)		(34,469	)		(31,800	)		(28,751	)		(25,495	)		(22,234	)
PV AT 13.00% FEDERAL INCOME TAX		13.0	%		(5,918	)		(8,240	)		(12,367	)		(17,045	)		(21,942	)		(26,337	)		(30,222	)		(32,342	)		(33,888	)		(34,384	)		(33,633	)		(32,076	)		(29,959	)		(27,585	)		(25,094	)		(22,644	)
Tax Reserve before unamort DAC		—			(4,854	)		2,603			29,759			68,245			114,507			158,167			200,339			245,287			275,043			283,038			281,534			270,183			249,224			222,865			193,366			169,170
GAAP Benefit Reserve		—			(952	)		7,619			19,527			33,066			45,784			51,505			52,668			46,721			32,105			5,359			(28,237	)		(61,220	)		(95,542	)		(130,152	)		(166,247	)		(200,378	)
GAAP Expense Reserve		—			24,217			49,107			68,927			87,150			104,613			121,093			137,654			156,131			172,846			186,454			193,053			202,279			212,700			221,647			229,898			237,285
Primerica New Conversions - Net - Cost of Cap Calc
Capital (Based on 300% RBC (i=5.70%))		—			12,470			20,922			28,052			34,721			41,327			44,590			47,444			48,533			48,721			48,442			45,272			41,561			37,824			34,167			30,557			27,886
Capital: After-Tax int less change (i=5.70%)					(12,470	)		(7,990	)		(6,355	)		(5,629	)		(5,320	)		(1,732	)		(1,201	)		669			1,610			2,084			4,965			5,389			5,277			5,058			4,876			3,804
PRE-TAX BOOK PROFIT					(211,685	)		853			(398	)		(8,343	)		(14,924	)		(17,054	)		(18,746	)		(9,555	)		(6,109	)		2,796			11,609			19,563			31,388			40,494			48,291			52,943
FEDERAL INCOME TAX					6,687			2,966			5,955			7,627			9,023			9,150			9,139			5,637			4,643			1,683			(2,880	)		(6,751	)		(10,365	)		(13,140	)		(15,578	)		(17,318	)
Profit After-Tax, After Cost of Capital					(217,469	)		(4,171	)		(798	)		(6,345	)		(11,221	)		(9,636	)		(10,808	)		(3,249	)		145			6,562			13,693			18,201			26,300			32,412			37,588			39,429
Present Values								9.00	%		11.00	%		13.00	%		15.00	%		20.00	%		16.00	%
PV PRE-TAX BOOK PROFIT								(56,631	)		(102,328	)		(131,242	)		(149,419	)		(169,309	)		(155,718	)
PV FEDERAL INCOME TAX								(17,749	)		(3,679	)		5,141			10,625			16,518			12,507
PV Capital: After-Tax int less change (i=5.70%) less Init Cap								(15,876	)		(18,339	)		(19,843	)		(20,705	)		(21,245	)		(20,962	)
PV After-Tax, After Cost of Capital								(90,256	)		(124,345	)		(145,944	)		(159,499	)		(174,036	)		(164,173	)

C-5

Milliman

017CIG01\15\0906	Puck(Rev) @06/30/09 - Sens: 7-Year Recapture and PLIC Inforce External Res Financing@28.9% (Preliminary)																																				10/21/09
From PUCK0906B.XLS	Line of Business Projection																																				03:55 PM
Existing Business at 06/30/2009 (000's)	2026			2027			2028			2029			2030			2031			2032			2033			2034			2035			2036			2037			2038			2039
Primerica New Conversions - Net
GROSS PREMIUMS		199,869			194,670			189,597			185,418			176,670			166,904			156,135			145,327			135,475			125,433			115,250			105,180			95,349			86,026
REINSURANCE PREMIUMS (NET OF ALLOWANCES)		(71,998	)		(70,427	)		(68,947	)		(67,362	)		(62,196	)		(57,052	)		(53,022	)		(49,107	)		(45,456	)		(40,441	)		(35,320	)		(31,950	)		(28,807	)		(25,926	)
GROSS INVESTMENT INCOME PLUS FEE INCOME		10,835			9,725			8,437			7,180			6,056			5,084			4,235			3,441			2,760			2,254			1,926			1,696			1,517			1,379
ACCRUAL OF DISCOUNT		—			—			—			—			—			—			—			—			—			—			—			—			—			—
AMORTIZATION OF IMR		—			—			—			—			—			—			—			—			—			—			—			—			—			—
LESS INVESTMENT EXPENSE		—			—			—			—			—			—			—			—			—			—			—			—			—			—
LESS INCOME LOST ON DEFAULTS		—			—			—			—			—			—			—			—			—			—			—			—			—			—
TOTAL INCOME		138,706			133,968			129,086			125,235			120,530			114,936			107,348			99,662			92,779			87,246			81,856			74,926			68,059			61,479
NET SURRENDERS		—			—			—			—			—			—			—			—			—			—			—			—			—			—
HEALTH BENEFITS		—			—			—			—			—			—			—			—			—			—			—			—			—			—
DIRECT DEATH BENEFITS		160,579			150,030			143,216			135,327			125,357			114,311			104,158			94,505			85,118			76,207			67,966			60,398			53,465			46,853
REINSURANCE DEATH BENEFITS		(71,596	)		(65,723	)		(62,824	)		(59,535	)		(55,053	)		(50,113	)		(45,898	)		(42,189	)		(38,694	)		(35,059	)		(31,245	)		(27,753	)		(24,728	)		(21,817	)
ACQUISITION EXPENSES		77			155			155			132			14			6			6			4			20			28			21			14			8			2
OTHER EXPENSES		8,852			8,207			7,730			7,258			6,652			6,019			5,435			4,892			4,395			3,942			3,524			3,136			2,781			2,449
NET COMMISSIONS		1,145			2,284			2,327			1,897			393			94			83			55			285			430			338			229			130			36
COST OF FINANCING		—			—			—			—			—			—			—			—			—			—			—			—			—			—
INCREASE IN LOADING		—			—			—			—			—			—			—			—			—			—			—			—			—			—
INCREASE IN RESERVES		(19,707	)		(22,982	)		(23,515	)		(21,793	)		(18,253	)		(14,786	)		(13,753	)		(11,909	)		(9,156	)		(5,693	)		(2,989	)		(1,980	)		(1,253	)		(478	)
INCR IN RESERVE FINANCING LIABILITY		—			—			—			—			—			—			—			—			—			—			—			—			—			—
TOTAL DISBURSEMENTS		79,349			71,970			67,089			63,284			59,110			55,530			50,032		45,357				41,969			39,855			37,615			34,043			30,402			27,045
STATUTORY GAIN		59,357			61,998			61,998			61,951			61,420			59,406			57,317			54,305			50,811			47,391			44,241			40,882			37,656			34,435
CAPITAL GAINS		—			—			—			—			—			—			—			—			—			—			—			—			—			—
GAIN ON CALLS AND ROLLOVER		—			—			—			—			—			—			—			—			—			—			—			—			—			—
LESS DEFAULT LOSSES		—			—			—			—			—			—			—			—			—			—			—			—			—			—
LESS IMR CAPITALIZATION		—			—			—			—			—			—			—			—			—			—			—			—			—			—
BOOK PROFIT		59,357			61,998			61,998			61,951			61,420			59,406			57,317			54,305			50,811			47,391			44,241			40,882			37,656			34,435
INCREASE IN SURPLUS		—			—			—			—			—			—			—			—			—			—			—			—			—			—
FEDERAL INCOME TAX		19,733			20,489			20,446			20,423			20,444			19,883			19,030			17,873			16,581			15,358			14,244			13,033			11,886			10,759
PROFITS RELEASED		39,624			41,509			41,552			41,528			40,976			39,523			38,286			36,432			34,229			32,033			29,998			27,850			25,771			23,675
STATUTORY RESERVE (GA) (Canada=GAAP)		155,972			132,990			109,475			87,682			69,429			54,643			40,890			28,980			19,825			14,132			11,142			9,163			7,910			7,432
RESERVE FINANCING		—			—			—			—			—			—			—			—			—			—			—			—			—			—
TOTAL LIABILITY (GA)		155,972			132,990			109,475			87,682			69,429			54,643			40,890			28,980			19,825			14,132			11,142			9,163			7,910			7,432
SEPARATE ACCOUNT LIABILITY		—			—			—			—			—			—			—			—			—			—			—			—			—			—
TAX RESERVE (GA)		70,008			50,483			30,549			12,357			(2,887	)		(15,075	)		(25,883	)		(34,555	)		(40,275	)		(42,457	)		(41,902	)		(40,235	)		(37,791	)		(34,574	)
INTEREST MAINTENANCE RESERVE		—			—			—			—			—			—			—			—			—			—			—			—			—			—
POLICIES IN FORCE (UNSCALED)		65,149			58,041			51,180			44,515			37,291			31,065			26,046			21,602			17,740			14,714			12,047			9,971			8,132			6,540
INSURANCE IN FORCE (NET)		6,481,856			5,820,179		5,174,906				4,530,794			3,872,361			3,230,937			2,674,506			2,171,183			1,708,530			1,406,311			1,153,198			953,209			778,727			628,833
CASH VALUE IN FORCE		(2,152	)		(2,143	)		(2,270	)		(2,348	)		(2,232	)		(1,975	)		(1,799	)		(1,655	)		(1,466	)		(1,238	)		(1,048	)		(907	)		(793	)		(681	)
ECONOMIC RESERVE (Canada=GAAP)		90,499			82,648			72,403			60,711			49,496			40,189			31,321			23,136			16,642			12,095			9,439			7,472			6,153			5,589
EXCESS RESERVE (STAT LESS ECON)		65,473			50,343			37,072			26,971			19,933			14,453			9,569			5,844			3,182			2,037			1,704			1,690			1,757			1,843
EXCESS RESERVE (STAT less ECON Floored at Zero)		65,473			50,343			37,072			26,971			19,933			14,453			9,569			5,844			3,182			2,037			1,704			1,690			1,757			1,843
GROSS DEFERRED PREMIUMS		—			—			—			—			—			—			—			—			—			—			—			—			—			—
NET DEFERRED PREMIUMS		—			—			—			—			—			—			—			—			—			—			—			—			—			—
PV AT 9.00% PROFITS RELEASED		(145,536	)		(136,736	)		(128,655	)		(121,245	)		(114,537	)		(108,602	)		(103,326	)		(98,721	)		(94,752	)		(91,344	)		(88,416	)		(85,922	)		(83,805	)		(82,020	)
PV AT 11.00% PROFITS RELEASED		(152,585	)		(146,241	)		(140,521	)		(135,370	)		(130,791	)		(126,812	)		(123,340	)		(120,363	)		(117,844	)		(115,719	)		(113,927	)		(112,428	)		(111,179	)		(110,145	)
PV AT 13.00% PROFITS RELEASED		(157,038	)		(152,438	)		(148,364	)		(144,760	)		(141,613	)		(138,927	)		(136,624	)		(134,685	)		(133,073	)		(131,737	)		(130,631	)		(129,722	)		(128,977	)		(128,372	)
PV AT 9.00% BOOK PROFITS		(162,138	)		(148,995	)		(136,937	)		(125,883	)		(115,829	)		(106,907	)		(99,010	)		(92,145	)		(86,253	)		(81,211	)		(76,893	)		(73,232	)		(70,138	)		(67,543	)
PV AT 11.00% BOOK PROFITS		(171,472	)		(161,997	)		(153,461	)		(145,777	)		(138,914	)		(132,934	)		(127,736	)		(123,299	)		(119,559	)		(116,416	)		(113,773	)		(111,572	)		(109,747	)		(108,242	)
PV AT 13.00% BOOK PROFITS		(177,211	)		(170,341	)		(164,261	)		(158,885	)		(154,168	)		(150,130	)		(146,683	)		(143,793	)		(141,400	)		(139,424	)		(137,792	)		(136,458	)		(135,370	)		(134,489	)
PV AT 9.00% FEDERAL INCOME TAX		(16,602	)		(12,258	)		(8,282	)		(4,638	)		(1,291	)		1,695			4,317			6,576			8,499			10,133			11,523			12,690			13,667			14,478
PV AT 11.00% FEDERAL INCOME TAX		(18,887	)		(15,756	)		(12,941	)		(10,408	)		(8,123	)		(6,122	)		(4,396	)		(2,935	)		(1,715	)		(696	)		154			856			1,432			1,902
PV AT 13.00% FEDERAL INCOME TAX		(20,173	)		(17,903	)		(15,898	)		(14,125	)		(12,555	)		(11,204	)		(10,059	)		(9,108	)		(8,327	)		(7,687	)		(7,161	)		(6,736	)		(6,393	)		(6,118	)
Tax Reserve before unamort DAC		150,971			129,462			107,388			87,008			69,419			54,634			40,882			28,975			19,820			14,129			11,140			9,161			7,908			7,431
GAAP Benefit Reserve		(232,925	)		(263,391	)		(288,624	)		(315,608	)		(345,766	)		(375,171	)		(401,172	)		(420,791	)		(435,319	)		(437,904	)		(428,299	)		(405,121	)		(371,467	)		(338,904	)
GAAP Expense Reserve		243,504			251,121			249,090			236,846			221,960			206,401			191,349			175,742			166,426			159,662			150,329			139,355			125,405			110,440
Primerica New Conversions - Net - Cost of Cap Calc
Capital (Based on 300% RBC (i=5.70%))		25,652			23,745			21,855			20,079			18,115			16,226			14,425			12,747			11,262			10,067			9,003			8,053			7,175			6,386
Capital: After-Tax int less change (i=5.70%)		3,267			2,857			2,770			2,586			2,708			2,560			2,402			2,213			1,956			1,612			1,437			1,284			1,177			1,055
PRE-TAX BOOK PROFIT		59,357			61,998			61,998			61,951			61,420			59,406			57,317			54,305			50,811			47,391			44,241			40,882			37,656			34,435
FEDERAL INCOME TAX		(19,733	)		(20,489	)		(20,446	)		(20,423	)		(20,444	)		(19,883	)		(19,030	)		(17,873	)		(16,581	)		(15,358	)		(14,244	)		(13,033	)		(11,886	)		(10,759	)
Profit After-Tax, After Cost of Capital		42,891			44,366			44,322			44,114			43,684			42,084			40,688			38,645			36,186			33,646			31,434			29,134			26,947			24,730
Present Values
PV PRE-TAX BOOK PROFIT
PV FEDERAL INCOME TAX
PV Capital: After-Tax int less change (i=5.70%) less Init Cap
PV After-Tax, After Cost of Capital

C-6

Milliman

017CIG01\15\0906	Puck(Rev) @06/30/09 - Sens: 7-Year Recapture and PLIC Inforce External ]													10/21/09
From PUCK0906B.XLS	Line of Business Projection - Present Value of Components of Profi													03:55 PM
	As of June 30, 2009
Existing Business at 06/30/2009 (000's)	9.00%			11.00%				13.00%			15.00%
Primerica New Conversions - Net
GROSS PREMIUMS		1,688,876			1,390,073				1,163,649			988,411
REINSURANCE PREMIUMS (NET OF    ALLOWANCE:		(583,850	)		(477,248	)			(396,287	)		(333,676	)
GROSS INVESTMENT INCOME PLUS FEE    INCOME		109,855			92,962				79,620			68,925
ACCRUAL OF DISCOUNT		—			—				—			—
AMORTIZATION OF IMR		—			—		��		—			—
LESS INVESTMENT EXPENSE		—			—				—			—
LESS INCOME LOST ON DEFAULTS		—			—				—			—
TOTAL INCOME		1,214,880			1,005,787				846,982			723,660
NET SURRENDERS		24			11				6			3
HEALTH BENEFITS		—			—				—			—
DIRECT DEATH BENEFITS		1,394,167			1,151,854				965,746			820,192
REINSURANCE DEATH BENEFITS		(536,481	)		(438,199	)			(363,406	)		(305,469	)
ACQUISITION EXPENSES		12,217			11,361				10,611			9,948
OTHER EXPENSES		92,125			77,346				65,826			56,688
NET COMMISSIONS		136,878			125,842				116,257			107,868
COST OF FINANCING		—			—				—			—
INCREASE IN LOADING		—			—				—			—
INCREASE IN RESERVES		172,581			179,899				183,186			183,849
INCR IN RESERVE FINANCING LIABILITY		—			—				—			—
TOTAL DISBURSEMENTS		1,271,511			1,108,115				978,224			873,079
STATUTORY GAIN		(56,631	)		(102,328	)			(131,242	)		(149,419	)
CAPITAL GAINS		—			—				—			—
GAIN ON CALLS AND ROLLOVER		—			—				—			—
LESS DEFAULT LOSSES		—			—				—			—
LESS IMR CAPITALIZATION		—			—				—			—
BOOK PROFIT		(56,631	)		(102,328	)			(131,242	)		(149,419	)
INCREASE IN SURPLUS		—			—				—			—
FEDERAL INCOME TAX		17,749			3,679				(5,141	)		(10,625	)
PROFITS RELEASED		(74,380	)		(106,007	)			(126,101	)		(138,795	)

C-7

Milliman

017CIG01\15\0906							Puck(Rev) @06/30/09 - Sens: 7-Year Recapture and PLIC Inforce External Res Financing@28.9% (Preliminary)																								10/21/09
From PUCK0906B.XLS							Line of Business Projection																								03:55 PM
Existing Business at 06/30/2009 (000ʼs)	2009			2010			2011			2012			2013			2014			2015			2016			2017			2018			2019			2020			2021			2022			2023			2024			2025
Miscellaneous Primerica		—			33,184			30,369			28,381			26,747			25,346			24,069			22,877			21,376			19,776			18,408			17,060			15,661			14,278			12,901			11,653			10,366
GROSS PREMIUMS
REINSURANCE PREMIUMS (NET OF ALLOWANCES)		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
GROSS INVESTMENT INCOME PLUS FEE    INCOME		—			38,281			36,315			35,111			34,205			33,394			32,620			31,835			30,839			29,473			27,924			26,369			24,710			22,922			21,049			19,053			16,982
ACCRUAL OF DISCOUNT		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
AMORTIZATION OF IMR		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
LESS INVESTMENT EXPENSE		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
LESS INCOME LOST ON DEFAULTS		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
TOTAL INCOME		—			71,465			66,684			63,492			60,952			58,740			56,689			54,713			52,215			49,249			46,332			43,429			40,371			37,200			33,950			30,706			27,348
NET SURRENDERS		—			90,344			68,121			57,560			53,236			50,597			48,782			47,954			52,993			57,462			55,765			53,866			55,608			54,564			54,614			54,976			53,288
HEALTH BENEFITS		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
DIRECT DEATH BENEFITS		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
REINSURANCE DEATH BENEFITS		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
ACQUISITION EXPENSES		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
OTHER EXPENSES		—			664			607			568			535			507			481			458			428			396			368			341			313			286			258			233			207
NET COMMISSIONS		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
COST OF FINANCING		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
INCREASE IN LOADING		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
INCREASE IN RESERVES		—			(44,217	)		(25,419	)		(17,265	)		(14,851	)		(13,875	)		(13,593	)		(14,222	)		(20,951	)		(27,352	)		(27,567	)		(27,551	)		(31,213	)		(32,162	)		(34,220	)		(36,540	)		(36,881)
INCR IN RESERVE FINANCING LIABILITY		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
TOTAL DISBURSEMENTS		—			46,790			43,309			40,863			38,919			37,229			35,670			34,190			32,470			30,505			28,567			26,656			24,708			22,687			20,653			18,669			16,614
STATUTORY GAIN		—			24,675			23,374			22,630			22,032			21,511			21,019			20,523			19,746			18,744			17,765			16,774			15,663			14,512			13,298			12,037			10,734
CAPITAL GAINS		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
GAIN ON CALLS AND ROLLOVER		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
LESS DEFAULT LOSSES		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
LESS IMR CAPITALIZATION		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
BOOK PROFIT		—			24,675			23,374			22,630			22,032			21,511			21,019			20,523			19,746			18,744			17,765			16,774			15,663			14,512			13,298			12,037			10,734
INCREASE IN SURPLUS		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
FEDERAL INCOME TAX		—			9,486			8,869			8,476			8,148			7,858			7,585			7,316			6,944			6,494			6,063			5,677			5,292			4,891			4,466			4,029			3,575
PROFITS RELEASED		—			15,189			14,505			14,154			13,884			13,653			13,434			13,207			12,802			12,249			11,701			11,096			10,371			9,621			8,831			8,008			7,159
STATUTORY RESERVE (GA) (Canada=GAAP)		700,500			656,283			630,863			613,598			598,747			584,872			571,278			557,056			536,105			508,753			481,187			453,636			422,422			390,260			356,040			319,500			282,619
RESERVE FINANCING		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
TOTAL LIABILITY (GA)		700,500			656,283			630,863			613,598			598,747			584,872			571,278			557,056			536,105			508,753			481,187			453,636			422,422			390,260			356,040			319,500			282,619
SEPARATE ACCOUNT LIABILITY		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
TAX RESERVE (GA)		700,500			653,855			626,470			607,618			591,518			576,703			562,458			547,857			526,813			499,649			472,523			445,525			414,854			383,230			349,547			313,533			277,172
INTEREST MAINTENANCE RESERVE		—			—			—			—			-			—			—			—			—			—			—			—			—			—			—			—			—
POLICIES IN FORCE (UNSCALED)		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
INSURANCE IN FORCE (NET)		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
CASH VALUE IN FORCE		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
ECONOMIC RESERVE (Canada=GAAP)		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
EXCESS RESERVE (STAT LESS ECON)		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
EXCESS RESERVE (STAT less ECON Floored at Zero)		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
GROSS DEFERRED PREMIUMS		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
NET DEFERRED PREMIUMS		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
PV AT 9.00% PROFITS RELEASED		—			13,935			26,144			37,073			46,909			55,782			63,793			71,017			77,442			83,082			88,025			92,325			96,013			99,151			101,794			103,992			105,795
PV AT 11.00% PROFITS RELEASED		—			13,684			25,456			35,806			44,952			53,054			60,236			66,598			72,153			76,942			81,063			84,583			87,548			90,025			92,074			93,748			95,096
PV AT 13.00% PROFITS RELEASED		—			13,442			24,801			34,611			43,126			50,536			56,989			62,603			67,418			71,496			74,943			77,836			80,229			82,193			83,789			85,069			86,082
PV AT 9.00% BOOK PROFITS		9.0	%		22,637			42,311			59,785			75,394			89,374			101,907			113,134			123,043			131,674			139,178			145,678			151,247			155,980			159,960			163,264			165,968
PV AT 11.00% BOOK PROFITS		11.0	%		22,229			41,201			57,747			72,261			85,026			96,264			106,149			114,717			122,044			128,301			133,623			138,100			141,837			144,922			147,438			149,459
PV AT 13.00% BOOK PROFITS		13.0	%		21,836			40,142			55,825			69,338			81,013			91,109			99,832			107,260			113,499			118,733			123,106			126,719			129,682			132,085			134,009			135,528
PV AT 9.00% FEDERAL INCOME TAX		9.0	%		8,703			16,167			22,712			28,485			33,592			38,114			42,116			45,601			48,591			51,152			53,353			55,234			56,829			58,166			59,272			60,172
PV AT 11.00% FEDERAL INCOME TAX		11.0	%		8,546			15,744			21,941			27,309			31,972			36,027			39,551			42,564			45,103			47,238			49,040			50,552			51,812			52,848			53,690			54,363
PV AT 13.00% FEDERAL INCOME TAX		13.0	%		8,394			15,340			21,214			26,212			30,477			34,120			37,230			39,841			42,003			43,790			45,270			46,490			47,489			48,296			48,940			49,446
Tax Reserve before unamort DAC		700,500			656,283			630,863			613,598			598,747			584,872			571,278			557,056			536,105			508,753			481,187			453,636			422,422			390,260			356,040			319,500			282,619
GAAP Benefit Reserve		401,179			379,142			356,964			337,529			319,162			301,416			283,969			266,678			248,146			229,075			210,605			192,085			173,185			154,195			135,032			116,093			96,831
GAAP Expense Reserve		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
Miscellaneous Primerica - Cost of Cap Calc
Capital (Based on 300% RBC (i=5.70%))		22,066			20,673			19,872			19,328			18,861			18,423			17,995			17,547			16,887			16,026			15,157			14,290			13,306			12,293			11,215			10,064			8,903
Capital: After-Tax int less change (i=5.70%)					2,210			1,567			1,280			1,184			1,136			1,111			1,115			1,310			1,487			1,462			1,429			1,513			1,506			1,533			1,567			1,535
PRE-TAX BOOK PROFIT					24,675			23,374			22,630			22,032			21,511			21,019			20,523			19,746			18,744			17,765			16,774			15,663			14,512			13,298			12,037			10,734
FEDERAL INCOME TAX					(9,486	)		(8,869	)		(8,476	)		(8,148	)		(7,858	)		(7,585	)		(7,316	)		(6,944	)		(6,494	)		(6,063	)		(5,677	)		(5,292	)		(4,891	)		(4,466	)		(4,029	)		(3,575)
Profit After-Tax, After Cost of Capital					17,399			16,072			15,434			15,068			14,789			14,545			14,322			14,112			13,737			13,164			12,526			11,884			11,127			10,365			9,575			8,694
PVʼs-Miscellaneous Primeric								9.00	%		11.00	%		13.00	%		15.00	%		20.00	%		16.00	%
PV PRE-TAX BOOK PROFIT								176,964			157,014			140,774			127,354			102,365			121,496
PV FEDERAL INCOME TAX								(63,782	)		(56,843	)		(51,168	)		(46,458	)		(37,626	)		(44,395	)
PV Capital: After-Tax int less change (i=5.70%)    less Init Cap								(8,342	)		(10,189	)		(11,631	)		(12,778	)		(14,799	)		(13,266	)
PV After-Tax. After Cost of Capital								104,840			89,981			77,974			68,118			49,940			63,835

C-8

Milliman

017CIG01\15\0906	Puck(Rev) @06/30/09 - Sens: 7-Year Recapture and PLIC Inforce External Res Financing@28.9% (Preliminary)																																				10/21/09
From PUCK0906B.XLS	Line of Business Projection																																				03:55 PM
Existing Business at 06/30/2009 (000's)	2026			2027			2028			2029			2030			2031			2032			2033			2034			2035			2036			2037			2038			2039
Miscellaneous Primerica
GROSS PREMIUMS		9,115			8,016			6,987			6,278			5,763			5,491			5,067			4,624			4,235			3,722			3,224			2,772			2,345			—
REINSURANCE PREMIUMS (NET OF ALLOWANCES)	—			—			—			—			—			—			—			—			—			—			—			—			—			—
GROSS INVESTMENT INCOME PLUS FEE INCOME		14,901			12,838			10,774			8,755			7,392			6,832			6,495			6,173			5,771			5,120			4,368			3,734			3,183			2,445
ACCRUAL OF DISCOUNT	—			—			—			—			—			—			—			—			—			—			—			—			—			—
AMORTIZATION OF IMR	—			—			—			—			—			—			—			—			—			—			—			—			—			—
LESS INVESTMENT EXPENSE	—			—			—			—			—			—			—			—			—			—			—			—			—			—
LESS INCOME LOST ON DEFAULTS	—			—			—			—			—			—			—			—			—			—			—			—			—			—
TOTAL INCOME		24,016			20,854			17,761			15,033			13,156			12,323			11,562			10,797			10,006			8,842			7,592			6,507			5,528			2,445
NET SURRENDERS		51,324			48,782			47,632			43,853			21,574			13,171			12,525			11,701			14,429			19,403			16,827			13,880			12,687			17,399
HEALTH BENEFITS	—			—			—			—			—			—			—			—			—			—			—			—			—			—
DIRECT DEATH BENEFITS	—			—			—			—			—			—			—			—			—			—			—			—			—			—
REINSURANCE DEATH BENEFITS	—			—			—			—			—			—			—			—			—			—			—			—			—			—
ACQUISITION EXPENSES	—			—			—			—			—			—			—			—			—			—			—			—			—			—
OTHER EXPENSES		182			160			140			126			115			110			101			92			85			74			64			55			47			—
NET COMMISSIONS	—			—			—			—			—			—			—			—			—			—			—			—			—			—
COST OF FINANCING	—			—			—			—			—			—			—			—			—			—			—			—			—			—
INCREASE IN LOADING	—			—			—			—			—			—			—			—			—			—			—			—			—			—
INCREASE IN RESERVES		(36,930	)		(36,289	)		(36,962	)		(34,784	)		(13,894	)		(6,032	)		(5,847	)		(5,505	)		(8,670	)		(14,237	)		(12,374	)		(10,063	)		(9,436	)		(16,098	)
INCR IN RESERVE FINANCING LIABILITY	—			—			—			—			—			—			—			—			—			—			—			—			—			—
TOTAL DISBURSEMENTS		14,577			12,654			10,809			9,195			7,796			7,249			6,779			6,289			5,844			5,241			4,518			3,872			3,298			1,301
STATUTORY GAIN		9,440			8,200			6,952			5,838			5,360			5,074			4,783			4,509			4,161			3,601			3,074			2,635			2,230			1,144
CAPITAL GAINS	—			—			—			—			—			—			—			—			—			—			—			—			—			—
GAIN ON CALLS AND ROLLOVER	—			—			—			—			—			—			—			—			—			—			—			—			—			—
LESS DEFAULT LOSSES	—			—			—			—			—			—			—			—			—			—			—			—			—			—
LESS IMR CAPITALIZATION	—			—			—			—			—			—			—			—			—			—			—			—			—			—
BOOK PROFIT		9,440			8,200			6,952			5,838			5,360			5,074			4,783			4,509			4,161			3,601			3,074			2,635			2,230			1,144
INCREASE IN SURPLUS	—			—			—			—			—			—			—			—			—			—			—			—			—			—
FEDERAL INCOME TAX		3,125			2,698			2,269			1,894			1,744			1,665			1,578			1,494			1,383			1,192			1,011			860			720			292
PROFITS RELEASED		6,315			5,502			4,683			3,945			3,616			3,409			3,205			3,015			2,778			2,409			2,063			1,775			1,510			852
STATUTORY RESERVE (GA) (Canada=GAAP)		245,690			209,401			172,439			137,655			123,761			117,729			111,882			106,377			97,708			83,471			71,097			61,034			51,598			35,500
RESERVE FINANCING	—			—			—			—			—			—			—			—			—			—			—			—			—			—
TOTAL LIABILITY (GA)		245,690			209,401			172,439			137,655			123,761			117,729			111,882			106,377			97,708			83,471			71,097			61,034			51,598			35,500
SEPARATE ACCOUNT LIABILITY	—			—			—			—			—			—			—			—			—			—			—			—			—			—
TAX RESERVE (GA)		240,754			204,956			168,463			134,108			120,591			114,875			109,302			104,038			95,579			81,538			69,349			59,464			50,200			34,413
INTEREST MAINTENANCE RESERVE	—			—			—			—			—			—			—			—			—			—			—			—			—			—
POLICIES IN FORCE (UNSCALED)	—			—			—			—			—			—			—			—			—			—			—			—			—			—
INSURANCE IN FORCE (NET)	—			—			—			—			—			—			—			—			—			—			—			—			—			—
CASH VALUE IN FORCE	—			—			—			—			—			—			—			—			—			—			—			—			—			—
ECONOMIC RESERVE (Canada=GAAP)	—			—			—			—			—			—			—			—			—			—			—			—			—			—
EXCESS RESERVE (STAT LESS ECON)	—			—			—			—			—			—			—			—			—			—			—			—			—			—
EXCESS RESERVE (STAT less ECON Floored at Zero)	—			—			—			—			—			—			—			—			—			—			—			—			—			—
GROSS DEFERRED PREMIUMS	—			—			—			—			—			—			—			—			—			—			—			—			—			—
NET DEFERRED PREMIUMS	—			—			—			—			—			—			—			—			—			—			—			—			—			—
PV AT 9.00% PROFITS RELEASED		107,254			108,421			109,332			110,035			110,627			111,139			111,581			111,962			112,284			112,540			112,742			112,901			113,025			113,089
PV AT 11.00% PROFITS RELEASED		96,167			97,008			97,653			98,142			98,546			98,889			99,180			99,426			99,631			99,790			99,914			100,009			100,082			100,120
PV AT 13.00% PROFITS RELEASED		86,873			87,482			87,942			88,284			88,562			88,793			88,986			89,147			89,277			89,378			89,454			89,512			89,555			89,577
PV AT 9.00% BOOK PROFITS		168,149			169,887			171,239			172,281			173,159			173,921			174,580			175,149			175,632			176,015			176,315			176,551			176,734			176,821
PV AT 11.00% BOOK PROFITS		151,060			152,313			153,271			153,995			154,594			155,104			155,538			155,907			156,213			156,452			156,635			156,777			156,885			156,935
PV AT 13.00% BOOK PROFITS		136,710			137,619			138,300			138,807			139,219			139,564			139,851			140,091			140,287			140,437			140,551			140,637			140,701			140,730
PV AT 9.00% FEDERAL INCOME TAX		60,895			61,467			61,908			62,246			62,531			62,781			62,999			63,188			63,348			63,475			63,573			63,650			63,710			63,732
PV AT 11.00% FEDERAL INCOME TAX		54,893			55,306			55,618			55,853			56,048			56,215			56,358			56,480			56,582			56,661			56,722			56,768			56,803			56,816
PV AT 13.00% FEDERAL INCOME TAX		49,837			50,136			50,359			50,523			50,657			50,770			50,865			50,945			51,010			51,059			51,097			51,125			51,146			51,153
Tax Reserve before unamort DAC		245,690			209,401			172,439			137,655			123,761			117,729			111,882			106,377			97,708			83,471			71,097			61,034			51,598			35,500
GAAP Benefit Reserve		77,437		58,284				39,104			20,753			19,002			18,180			16,880			15,521			14,270			12,545			10,856			9,307			7,828			—
GAAP Expense Reserve	—			—			—			—			—			—			—			—			—			—			—			—			—			—
Miscellaneous Primerica - Cost of Cap Calc
Capital (Based on 300% RBC (i=5.70%))		7,739			6,596			5,432			4,336			3,898			3,708			3,524			3,351			3,078			2,629			2,240			1,923			1,625			1,118
Capital: After-Tax int less change (i=5.70%)		1,493			1,430			1,409			1,297			598			334			322			304			397			562			487			400			368			567
PRE-TAX BOOK PROFIT		9,440			8,200			6,952			5,838			5,360			5,074			4,783			4,509			4,161			3,601			3,074			2,635			2,230			1,144
FEDERAL INCOME TAX		(3,125	)		(2,698	)		(2,269	)		(1,894	)		(1,744	)		(1,665	)		(1,578	)		(1,494	)		(1,383	)		(1,192	)		(1,011	)		(860	)		(720	)		(292	)
Profit After-Tax, After Cost of Capital		7,808			6,932			6,092			5,242			4,214			3,743			3,526			3,319			3,176			2,972			2,550			2,175			1,878			1,420
PV’s -- Miscellaneous Primerica
PV PRE-TAX BOOK PROFIT
PV FEDERAL INCOME TAX
PV Capital: After-Tax int less change (i=5.70%) less Init Cap
PV After-Tax, After Cost of Capital

C-9

Milliman

017CIG01\15\0906	Puck(Rev) @06/30/09 - Sens: 7-Year Recapture and PLIC In Force External ]								10/21/09
From PUCK0906B.XLS	Line of Business Projection - Present Value of Components of Profi								03:55 PM
	As of June 30, 2009
Existing Business at 06/30/2009 (000ʼs)	9.00%		11.00%		13.00%		15.00%
Miscellaneous Primerica
GROSS PREMIUMS	205,303		183,840		166,207		151,509
REINSURANCE PREMIUMS (NET    OF ALLOWANCES)	—		—		—		—
GROSS INVESTMENT INCOME    PLUS FEE INCOME	275,157		244,194		218,960		198,091
ACCRUAL OF DISCOUNT	—		—		—		—
AMORTIZATION OF IMR	—		—		—		—
LESS INVESTMENT EXPENSE	—		—		—		—
LESS INCOME LOST ON DEFAULTS	—		—		—		—
TOTAL INCOME	480,460		428,034		385,168		349,600
NET SURRENDERS	549,747		480,096		425,140		380,986
HEALTH BENEFITS	—		—		—		—
DIRECT DEATH BENEFITS	—		—		—		—
REINSURANCE DEATH BENEFITS	—		—		—		—
ACQUISITION EXPENSES	—		—		—		—
OTHER EXPENSES	4,106		3,677		3,324		3,030
NET COMMISSIONS	—		—		—		—
COST OF FINANCING	—		—		—		—
INCREASE IN LOADING	—		—		—		—
INCREASE IN RESERVES	(250,357	)	(212,752	)	(184,070	)	(161,770	)
INCR IN RESERVE FINANCING    LIABILITY	—		—		—		—
TOTAL DISBURSEMENTS	303,496		271,021		244,394		222,246
STATUTORY GAIN	176,964		157,014		140,774		127,354
CAPITAL GAINS	—		—		—		—
GAIN ON CALLS AND ROLLOVER	—		—		—		—
LESS DEFAULT LOSSES	—		—		—		—
LESS IMR CAPITALIZATION	—		—		—		—
BOOK PROFIT	176,964		157,014		140,774		127,354
INCREASE IN SURPLUS	—		—		—		—
FEDERAL INCOME TAX	63,782		56,843		51,168		46,458
PROFITS RELEASED	113,182		100,171		89,605		80,896

C-10

Milliman

017CIG0l\15\0906							Puck(Rev) @06/30/09 - Sens: 7-Year Recapture and PLIC Inforce External Res Financing@28.9% (Preliminary)																								10/21/09
From PUCK0906B.XLS							Line of Business Projection																								3:55 PM
Existing Business at 06/30/2009 (000's)	2009			2010			2011			2012			2013			2014			2015			2016			2017			2018			2019			2020			2021			2022			2023			2024			2025
Total Existing Business - Primerica
GROSS PREMIUMS		—			1,663,328			1,568,852			1,503,569			1,454,853			1,415,711			1,380,683			1,348,863			1,287,638			1,211,314			1,148,920			1,079,415			1,003,285			927,321			851,874			783,556			714,671
REINSURANCE PREMIUMS (NET OF ALLOWANCES		—			(526,264	)		(544,816	)		(565,316	)		(587,946	)		(612,207	)		(631,303	)		(648,656	)		(643,315	)		(633,854	)		(625,817	)		(612,076	)		(589,509	)		(561,293	)		(526,112	)		(481,502	)		(429,772	)
GROSS INVESTMENT INCOME PLUS FEE INCOME		—			193,290			202,074			198,787			194,442			193,171			190,518			186,234			179,884			170,874			159,775			147,085			132,294			115,220			97,579			79,683			60,936
ACCRUAL OF DISCOUNT		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
AMORTIZATION OF IMR		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
LESS INVESTMENT EXPENSE		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
LESS INCOME LOST ON DEFAULTS		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
TOTAL INCOME		—			1,330,354			1,226,110			1,137,040			1,061,349			996,675			939,897			886,441			824,207			748,334			682,878			614,423			546,070			481,248			423,342			381,737			345,834
NET SURRENDERS		—			85,105			63,709			53,893			50,006			47,650			45,989			45,209			50,315			54,784			53,031			51,385			53,325			52,366			52,488			52,920			51,369
HEALTH BENEFITS		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
DIRECT DEATH BENEFITS		—			831,597			826,626			839,169			855,851			873,335			890,506			904,893			901,233			878,524			852,907			827,141			790,427			750,598			704,271			649,460			593,955
REINSURANCE DEATH BENEFITS		—			(458,433	)		(466,485	)		(483,849	)		(503,132	)		(523,319	)		(542,605	)		(559,349	)		(562,619	)		(551,116	)		(535,473	)		(520,776	)		(501,809	)		(480,342	)		(453,560	)		(418,507	)		(379,260	)
ACQUISITION EXPENSES		—			3,116			2,433			1,974			1,841			1,783			1,623			1,776			610			767			813			147			162			154			134			139			81
OTHER EXPENSES		—			112,008			104,216			98,981			94,770			91,070			87,776			84,754			80,708			75,783			71,356			67,046			62,236			57,483			52,743			47,896			43,217
NET COMMISSIONS		—			68,707			42,046			36,286			34,007			32,488			30,971			29,970			15,697			13,485			12,853			4,200			2,219			2,248			2,016			2,001			1,302
COST OF FINANCING		—			30,465			30,465			30,465			30,052			27,101			23,980			20,987			17,998			15,018			12,146			9,485			6,823			4,057			1,538			—			—
INCREASE IN LOADING		—			(762	)		(568	)		(134	)		(302	)		1,107			660			569			(542	)		(1,186	)		1,596			(141	)		(667	)		(651	)		(1,170	)		2,361			130
INCREASE IN RESERVES		—			188,881			(26,440	)		(61,131	)		(94,864	)		(128,523	)		(153,755	)		(193,328	)		(232,939	)		(273,532	)		(298,679	)		(334,835	)		(382,062	)		(387,592	)		(366,494	)		(332,328	)		(269,452	)
INCR IN RESERVE FINANCING LIABILITY		—			(13,756	)		(1,733	)		13,762			98,354			104,030			99,785			99,632			99,339			95,736			88,690			88,718			92,201			83,979			51,263			—			—
TOTAL DISBURSEMENTS		—			846,929			574,269			529,416			566,585			526,723			484,930			435,112			369,799			308,264			259,239			192,368			122,856			82,301			43,229			3,943			41,342
STATUTORY GAIN		—			483,425			651,841			607,624			494,764			469,952			454,967			451,329			454,409			440,070			423,639			422,055			423,215			398,946			380,113			377,794			304,492
CAPITAL GAINS		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
GAIN ON CALLS AND ROLLOVER		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
LESS DEFAULT LOSSES		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
LESS IMR CAPITALIZATION		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
BOOK PROFIT		—			483,425			651,841			607,624			494,764			469,952			454,967			451,329			454,409			440,070			423,639			422,055			423,215			398,946			380,113			377,794			304,492
INCREASE IN SURPLUS		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
FEDERAL INCOME TAX		—			226,783			212,895			199,898			189,332			182,016			174,833			173,436			174,278			168,303			160,950			162,252			165,844			154,677			137,061			118,738			93,671
PROFITS RELEASED		—			256,642			438,946			407,726			305,433			287,936			280,135			277,893			280,131			271,767			262,689			259,804			257,371			244,270			243,052			259,056			210,821
STATUTORY RESERVE (GA) (Canada=GAAP)		4,170,489			4,359,370			4,332,930			4,271,799			4,176,934			4,048,411			3,894,656			3,701,328			3,468,389			3,194,857			2,896,178			2,561,342			2,179,281			1,791,689			1,425,194			1,092,867			823,415
RESERVE FINANCING		(1,000,000	)		(1,013,756	)		(1,015,489	)		(1,001,727	)		(903,373	)		(799,343	)		(699,558	)		(599,926	)		(500,587	)		(404,851	)		(316,161	)		(227,443	)		(135,242	)		(51,263	)		—			—			—
TOTAL LIABILITY (GA)		3,158,800			3,334,650			3,306,817			3,259,513			3,262,271			3,236,847			3,181,286			3,085,668			2,952,683			2,775,333			2,566,079			2,320,754			2,031,668			1,728,848			1,413,879			1,081,932			813,160
SEPARATE ACCOUNT LIABILITY		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
TAX RESERVE (GA)		3,268,543			3,279,868			3,295,605			3,284,787			3,241,361			3,165,844			3,065,728			2,925,908			2,749,395			2,531,249			2,285,778			1,998,931			1,659,220			1,313,413			986,955			693,550			461,638
INTEREST MAINTENANCE RESERVE		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
POLICIES IN FORCE (UNSCALED)		1,978,221			1,752,155			1,594,900			1,472,724			1,365,506			1,268,463			1,182,547			1,102,618			1,005,547			916,075			836,542			758,807			680,313			608,289			538,887			470,013			408,183
INSURANCE IN FORCE (NET)	158,301,613			141,946,950				128,302,382		117,115,355			107,059,992				97,496,176			90,665,821		84,487,337			77,314,381				71,044,898		65,423,431				59,500,262			52,943,171		46,596,131			40,772,538			35,099,645				30,428,279
CASH VALUE IN FORCE		4,931			4,020			3,742			5,164			6,560			7,720			7,950			7,939			7,188			5,714			4,607			3,918			3,313			2,670			1,327			(130	)		(1,055	)
ECONOMIC RESERVE (Canada=GAAP)		(1,169,667	)		(724,336	)		(320,909	)		23,799			314,929			559,200			768,373			935,398			1,053,816			1,128,361			1,163,020			1,167,290			1,142,036			1,089,372			1,017,069			932,326			844,852
EXCESS RESERVE (STAT LESS ECON)		3,639,656			3,413,668			3,007,487			2,632,674			2,359,886			2,104,996			1,855,446			1,608,947			1,377,880			1,152,892			935,810			712,974			479,580			260,794			52,085			(158,960	)		(304,056	)
EXCESS RESERVE (STAT less ECON Floored at Zero)		2,641,038			2,847,286			2,828,290			2,632,674			2,359,886			2,104,996			1,855,446			1,608,947			1,377,880			1,152,892			935,810			712,974			479,580			260,794			52,085			(158,960	)		(304,056	)
GROSS DEFERRED PREMIUMS		16,793			15,305			14,397			14,198			14,628			16,666			18,916			21,406			20,249			18,618			19,478			18,545			17,103			15,660			14,227			16,208			15,658
NET DEFERRED PREMIUMS		11,690			10,964			10,624			10,559			11,291			12,221			13,812			15,733			15,118			14,673			13,937			13,146			12,370			11,579			11,316			10,935			10,255
PV AT 9.00% PROFITS RELEASED		—			235,451			604,904			919,743			1,136,119			1,323,257			1,490,292			1,642,310			1,782,898			1,908,027			2,018,990			2,119,672			2,211,176			2,290,852			2,363,584			2,434,705			2,487,805
PV AT 11.00% PROFITS RELEASED		—			231,209			587,468			885,593			1,086,791			1,257,667			1,407,438			1,541,288			1,662,844			1,769,085			1,861,600			1,944,031			2,017,598			2,080,501			2,136,888			2,191,032			2,230,728
PV AT 13.00% PROFITS RELEASED		—			227,117			570,876			853,451			1,040,778			1,197,058			1,331,612			1,449,733			1,555,107			1,645,574			1,722,960			1,790,690			1,850,067			1,899,938			1,943,852			1,985,272			2,015,103
PV AT 9.00% BOOK PROFITS		9.0	%		443,509			992,151			1,461,348			1,811,851			2,117,288			2,388,570			2,635,462			2,863,515			3,066,135			3,245,085			3,408,645			3,559,113			3,689,241			3,802,988			3,906,707			3,983,399
PV AT 11.00% BOOK PROFITS		11.0	%		435,518			964,567			1,408,856			1,734,773			2,013,666			2,256,910			2,474,297			2,671,477			2,843,511			2,992,710			3,126,621			3,247,593			3,350,328			3,438,512			3,517,473			3,574,806
PV AT 13.00% BOOK PROFITS		13.0	%		427,809			938,297			1,359,411			1,662,859			1,917,930			2,136,459			2,328,301			2,499,232			2,645,724			2,770,523			2,880,552			2,978,190			3,059,641			3,128,319			3,188,724			3,231,809
PV AT 9.00% FEDERAL INCOME TAX		9.0	%		208,058			387,247			541,605			675,733			794,030			898,277			993,153			1,080,617			1,158,108			1,226,095			1,288,973			1,347,936			1,398,389			1,439,404			1,472,002			1,495,595
PV AT 11.00% FEDERAL INCOME TAX		11.0	%		204,309			377,099			523,263			647,982			755,999			849,472			933,009			1,008,632			1,074,426			1,131,110			1,182,590			1,229,995			1,269,827			1,301,624			1,326,441			1,344,078
PV AT 13.00% FEDERAL INCOME TAX		13.0	%		200,693			367,421			505,960			622,081			720,872			804,847			878,568			944,124			1,000,150			1,047,564			1,089,862			1,128,124			1,159,703			1,184,467			1,203,452			1,216,706
Tax Reserve before unamort DAC		3,268,543			3,397,071			3,509,892			3,579,527			3,601,690			3,577,890			3,516,694			3,403,447			3,240,220			3,020,339			2,759,111			2,449,469			2,085,973			1,715,481			1,363,658			1,044,706			787,833
Capital (Based on 300% RBC (i=5.70%))		437,136			418,201			394,906			375,389			357,081			338,860			323,396			307,701			287,637			266,514			246,302			224,221			199,457			174,730			151,246			129,310			110,454
Capital: After-Tax int less change (i=5.70%)					35,131			38,790			34,148			32,216			31,451			28,019			27,676			31,465			31,780			30,086			31,207			33,072			32,117			29,957			27,540			23,647
PV's -- Total Existing Business - Primerica								9.00	%		11.00	%		13.00	%		15.00	%		20.00	%
PV PRE-TAX BOOK PROFIT								4,213,738			3,733,770			3,342,854			3,019,808			2,418,748
PV FEDERAL INCOME TAX								(1,561,464	)		(1,389,651	)		(1,248,620	)		(1,131,324	)		(911,330	)
PV Capital: After-Tax int less change (i=5.70%) less Init Cap								(149,320	)		(184,563	)		(212,863	)		(235,946	)		(278,077	)
PV After-Tax, After Cost of Capital								2,502,955			2,159,557			1,881,372			1,652,538			1,229,342

C-10

Milliman

017CIG01\15\0906 From PUCK0906B.XLS	Puck(Rev) @06/30/09 - Sens: 7-Year Recapture and PLIC Inforce External Res Financing@28.9% (Preliminary) Line of Business Projection																																				10/21/09 3:55 PM
Existing Business at 06/30/2009 (000's)	2026			2027			2028			2029			2030			2031			2032			2033			2034			2035			2036			2037			2038			2039
Total Existing Business - Primerica		649,496			590,069			534,262			495,116			460,955			437,747			406,064			373,430			344,378			309,028			274,257			241,929			211,019			167,698
GROSS PREMIUMS
REINSURANCE PREMIUMS (NET OF ALLOWANCES)		(375,317	)		(334,015	)		(284,308	)		(245,132	)		(241,065	)		(235,611	)		(230,966	)		(225,874	)		(197,590	)		(164,572	)		(136,893	)		(117,511	)		(96,795	)		(56,345	)
GROSS INVESTMENT INCOME PLUS FEE INCOME		45,907			33,570			23,233			16,308			12,332			10,217			8,268			6,110			4,561			4,376			4,471			4,130			3,650			3,780
ACCRUAL OF DISCOUNT		—			—			—			—			—			—			—			—			—			—			—			—			—			—
AMORTIZATION OF IMR		—			—			—			—			—			—			—			—			—			—			—			—			—			—
LESS INVESTMENT EXPENSE		—			—			—			—			—			—			—			—			—			—			—			—			—			—
LESS INCOME LOST ON DEFAULTS		—			—			—			—			—			—			—			—			—			—			—			—			—			—
TOTAL INCOME		320,086			289,624			273,187			266,292			232,222			212,353			183,366			153,667			151,349			148,832			141,835			128,547			117,874			115,133
NET SURRENDERS		49,486			46,906			45,715			41,943			19,798			11,491			10,968			10,313			13,185			18,284			15,823			12,988			11,909			14,743
HEALTH BENEFITS		—			—			—			—			—			—			—			—			—			—			—			—			—			—
DIRECT DEATH BENEFITS		537,953			482,493			424,248			369,732			331,273			315,046			300,856			287,913			264,567			225,017			191,147			164,043			138,668			110,937
REINSURANCE DEATH BENEFITS		(337,628	)		(297,687	)		(257,737	)		(218,587	)		(193,068	)		(187,035	)		(182,604	)		(179,364	)		(166,531	)		(138,791	)		(115,006	)		(97,355	)		(82,414	)		(73,812	)
ACQUISITION EXPENSES		77			155			155			132			14			6			6			4			20			28			21			14			8			2
OTHER EXPENSES		38,710			34,370			30,087			26,372			24,132			22,738			21,350			19,954			17,996			15,231			12,893			11,088			9,426			7,430
NET COMMISSIONS		1,145			2,284			2,327			1,897			393			94			83			55			285			430			338			229			130			36
COST OF FINANCING		—			—			—			—			—			—			—			—			—			—			—			—			—			—
INCREASE IN LOADING		(532	)		965			(249	)		1,424			515			278			(481	)		(1,010	)		954			(359	)		(780	)		(833	)		(867	)		(4,428	)
INCREASE IN RESERVES		(218,608	)		(190,978	)		(133,027	)		(73,058	)		(37,454	)		(25,756	)		(31,630	)		(32,964	)		(7,191	)		(3,101	)		(7,580	)		(11,044	)		(6,573	)		(1,518	)
INCR IN RESERVE FINANCING LIABILITY		—			—			—			—			—			—			—			—			—			—			—			—			—			—
TOTAL DISBURSEMENTS		70,602			78,508			111,519			149,854			145,602			136,862			118,547			104,899			123,286			116,739			96,855			79,128			70,286			53,391
STATUTORY GAIN		249,483			211,116			161,668			116,438			86,619			75,492			64,819			48,768			28,063			32,094			44,980			49,419			47,588			61,743
CAPITAL GAINS		—			—			—			—			—			—			—			—			—			—			—			—			—			—
GAIN ON CALLS AND ROLLOVER		—			—			—			—			—			—			—			—			—			—			—			—			—			—
LESS DEFAULT LOSSES		—			—			—			—			—			—			—			—			—			—			—			—			—			—
LESS IMR CAPITALIZATION		—			—			—			—			—			—			—			—			—			—			—			—			—			—
BOOK PROFIT		249,483			211,116			161,668			116,438			86,619			75,492			64,819			48,768			28,063			32,094			44,980			49,419			47,588			61,743
INCREASE IN SURPLUS		—			—			—			—			—			—			—			—			—			—			—			—			—			—
FEDERAL INCOME TAX		75,571			62,969			47,112			32,612			22,913			20,114			16,991			11,825			5,293			6,990			11,672			13,326			12,865			18,574
PROFITS RELEASED		173,913			148,148			114,556			83,826			63,706			55,378			47,827			36,943			22,770			25,104			33,308			36,092			34,723			43,168
STATUTORY RESERVE (GA) (Canada=GAAP)		604,807			413,829			280,802			207,744			170,289			144,533			112,903			79,939			72,747			69,646			62,067			51,022			44,450			42,932
RESERVE FINANCING		—			—			—			—			—			—			—			—			—			—			—			—			—			—
TOTAL LIABILITY (GA)		595,189			405,024			271,852			197,685			159,346			132,828			102,856			71,393			64,646			62,366			55,748			45,780			40,302			42,932
SEPARATE ACCOUNT LIABILITY		—			—			—			—			—			—			—			—			—			—			—			—			—			—
TAX RESERVE (GA)		277,235			118,277			12,167			(38,740	)		(55,925	)		(64,419	)		(78,120	)		(94,599	)		(88,405	)		(78,562	)		(73,549	)		(72,174	)		(66,820	)		(55,517	)
INTEREST MAINTENANCE RESERVE		—			—			—			—			—			—			—			—			—			—			—			—			—			—
POLICIES IN FORCE (UNSCALED)		349,647			296,114			243,310			204,781			186,090			169,446			155,309			141,986			115,404			90,459			73,007			59,602			47,510			6,540
INSURANCE IN FORCE (NET)	26,159,667				21,253,473		17,041,348			13,713,053				12,312,094		10,983,967				9,688,315		8,558,122				7,046,969			5,741,058		4,773,025			3,570,839			2,717,788				628,833
CASH VALUE IN FORCE		(1,851	)		(2,519	)		(3,493	)		(4,343	)		(4,269	)		(3,446	)		(1,804	)		(486	)		(1,283	)		(2,262	)		(2,257	)		(2,017	)		(2,042	)		(681	)
ECONOMIC RESERVE (Canada=GAAP)		764,482			686,162			622,583			573,745			510,245			441,187			360,684			269,504			192,685			132,496			83,817			40,747			6,993			5,589
EXCESS RESERVE (STAT LESS ECON)		(405,365	)		(481,734	)		(514,221	)		(503,656	)		(463,717	)		(414,384	)		(359,663	)		(295,942	)		(217,645	)		(146,321	)		(92,847	)		(50,759	)		(14,141	)		1,843
EXCESS RESERVE (STAT less ECON Floored at Zero)		(405,365	)		(481,734	)		(514,221	)		(503,656	)		(463,717	)		(414,384	)		(359,663	)		(295,942	)		(217,645	)		(146,321	)		(92,847	)		(50,759	)		(14,141	)		1,843
GROSS DEFERRED PREMIUMS		14,489			14,641			14,537			17,070			18,470			19,509			17,371			14,859			15,369			14,189			12,447			10,537			8,576			—
NET DEFERRED PREMIUMS		9,618			8,804			8,949			10,059			10,943			11,705			10,047			8,545			8,101			7,280			6,319			5,242			4,148			—
PV AT 9.00% PROFITS RELEASED		2,527,991			2,559,398			2,581,678			2,596,635			2,607,063			2,615,380			2,621,970			2,626,640			2,629,280			2,631,951			2,635,202			2,638,434			2,641,287			2,644,541
PV AT 11.00% PROFITS RELEASED		2,260,229			2,282,869			2,298,641			2,309,038			2,316,157			2,321,732			2,326,069			2,329,088			2,330,764			2,332,429			2,334,419			2,336,361			2,338,045			2,339,930
PV AT 13.00% PROFITS RELEASED		2,036,880			2,053,296			2,064,530			2,071,805			2,076,697			2,080,461			2,083,338			2,085,304			2,086,376			2,087,423			2,088,652			2,089,830			2,090,833			2,091,936
PV AT 9.00% BOOK PROFITS		4,041,048			4,085,804			4,117,246			4,138,022			4,152,202			4,163,539			4,172,470			4,178,635			4,181,889			4,185,304			4,189,694			4,194,119			4,198,029			4,202,683
PV AT 11.00% BOOK PROFITS		3,617,127			3,649,390			3,671,648			3,686,090			3,695,769			3,703,369			3,709,247			3,713,232			3,715,298			3,717,426			3,720,113			3,722,773			3,725,080			3,727,778
PV AT 13.00% BOOK PROFITS		3,263,049			3,286,443			3,302,297			3,312,402			3,319,054			3,324,184			3,328,083			3,330,679			3,332,000			3,333,338			3,334,997			3,336,611			3,337,985			3,339,564
PV AT 9.00% FEDERAL INCOME TAX		1,513,057			1,526,406			1,535,569			1,541,388			1,545,139			1,548,159			1,550,500			1,551,995			1,552,609			1,553,353			1,554,492			1,555,685			1,556,742			1,558,142
PV AT 11.00% FEDERAL INCOME TAX		1,356,898			1,366,521			1,373,007			1,377,052			1,379,612			1,381,637			1,383,178			1,384,144			1,384,534			1,384,997			1,385,695			1,386,412			1,387,036			1,387,847
PV AT 13.00% FEDERAL INCOME TAX		1,226,169			1,233,146			1,237,767			1,240,597			1,242,356			1,243,723			1,244,745			1,245,375			1,245,624			1,245,915			1,246,346			1,246,781			1,247,153			1,247,627
Tax Reserve before unamort DAC		579,373			396,794			268,463			196,799			159,159			132,663			102,693			71,211			64,417			62,110			55,481			45,522			40,070			42,930
Capital (Based on 300% RBC (i=5.70%))		93,895			77,825			64,497			55,229			50,226			46,344			41,889			37,533			33,358			29,141			25,364			21,435			18,143			12,404
Capital: After-Tax init less change (i=5.70%)		20,651			19,549			16,211			11,657			7,049			5,743			6,172			5,908			5,566			5,452			4,857			4,869			4,086			6,411
PV's — Total Existing Business - Primerica
PV PRE-TAX BOOK PROFIT
PV FEDERAL INCOME TAX
PV Capital. After-Tax int less change (i=5.70%) less Init Cap
PV After-Tax, After Cost of Capital														��

C-11

Milliman

017CIG01\15\0906	Puck(Rev) @06/30/09 - Sens: 7-Year Recapture and PLIC Inforce External ]												10/21/09
From PUCK0906B.XLS	Line of Business Projection - Present Value of Components of Profi												03:55 PM
	As of June 30, 2009
Existing Business at 06/30/2009 (000's)	9.00%			11.00%			13.00%			15.00%
Total Existing Business - Primerica
GROSS PREMIUMS		11,822,025			10,461,943			9,364,254			8,463,159
REINSURANCE PREMIUMS (NET OF    ALLOWANCE:		(5,303,114	)		(4,612,265	)		(4,060,595	)		(3,612,999	)
GROSS INVESTMENT INCOME    PLUS FEE INCOME		1,457,972			1,307,510			1,181,609			1,075,182
ACCRUAL OF DISCOUNT		—			—			—			—
AMORTIZATION OF IMR		—			—			—			—
LESS INVESTMENT EXPENSE		—			—			—			—
LESS INCOME LOST ON DEFAULTS		—			—			—			—
TOTAL INCOME		7,976,884			7,157,188			6,485,268			5,925,342
NET SURRENDERS		519,968			453,823			401,641			359,728
HEALTH BENEFITS		—			—			—			—
DIRECT DEATH BENEFITS		7,583,117			6,616,861			5,844,767			5,217,606
REINSURANCE DEATH BENEFITS		(4,566,484	)		(3,971,531	)		(3,496,426	)		(3,110,950	)
ACQUISITION EXPENSES		12,217			11,361			10,611			9,948
OTHER EXPENSES		751,685			668,724			601,168			545,298
NET COMMISSIONS		232,439			216,772			202,988			190,780
COST OF FINANCING		170,760			157,575			146,011			135,816
INCREASE IN LOADING		(651	)	(575		)		(554	)		(559	)
INCREASE IN RESERVES		(1,429,036	)		(1,153,506	)		(937,035	)		(765,268	)
INCR IN RESERVE FINANCING LIABILITY		489,130			423,915			369,242			323,135
TOTAL DISBURSEMENTS		3,763,146			3,423,418			3,142,414			2,905,534
STATUTORY GAIN		4,213,738			3,733,770			3,342,854			3,019,808
CAPITAL GAINS		—			—			—			—
GAIN ON CALLS AND ROLLOVER		—			—			—			—
LESS DEFAULT LOSSES		—			—			—			—
LESS IMR CAPITALIZATION		—			—			—			—
BOOK PROFIT		4,213,738			3,733,770			3,342,854			3,019,808
INCREASE IN SURPLUS		—			—			—			—
FEDERAL INCOME TAX		1,561,464			1,389,651			1,248,620			1,131,324
PROFITS RELEASED		2,652,274			2,344,119			2,094,235			1,888,484

C-12

Milliman

017CIG0l\l5\0906							Puck(Rev) @06/30/09 - Baseline: Inforce External Res Financing@0.0% (Preliminary)																								10/21/09
From PUCK0906B.XLS							Line of Business Projection																								06:01 PM
Baseline Production
Future Business - 10 Years of New Business (000)	2009			2010			2011			2012			2013			2014			2015			2016			2017			2018			2019			2020			2021			2022			2023			2024			2025
Primerica Term
GROSS PREMIUMS		—			87,735			226,780			356,449			484,083			612,872			745,819			885,055			1,031,793			1,187,309			1,353,073			1,349,534			1,248,360			1,175,432			1,117,425			1,068,917			1,028,408
REINSURANCE PREMIUMS (NET OF ALLOWANCES		—			(12,833	)		(33,639	)		(58,686	)		(87,461	)		(120,182	)		(156,975	)		(198,470	)		(245,011	)		(297,368	)		(356,622	)		(390,051	)		(413,992	)		(436,750	)		(460,565	)		(485,309	)		(508,567	)
GROSS INVESTMENT INCOME PLUS FEE INCOME		—			(5,516	)		(3,705	)		696			7,717			17,213			28,912			42,778			58,698			76,509			96,053			128,786			148,451			164,340			176,062			183,553			186,785
ACCRUAL OF DISCOUNT		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
AMORTIZATION OF IMR		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
LESS INVESTMENT EXPENSE		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
LESS INCOME LOST ON DEFAULTS		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
TOTAL INCOME		—			69,386			189,436			298,459			404,339			509,903			617,756			729,363			845,480			966,450			1,092,504			1,088,270			982,820			903,022			832,922			767,161			706,626
NET SURRENDERS		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
HEALTH BENEFITS		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
DIRECT DEATH BENEFITS		—			15,777			41,650			68,111			98,212			132,184			170,233			212,807			260,267			313,188			372,516			405,658			423,028			445,834			469,131			493,074			520,544
REINSURANCE DEATH BENEFITS		—			(12,244	)		(33,130	)		(55,639	)		(81,686	)		(111,280	)		(144,548	)		(181,846	)		(223,507	)		(270,042	)		(322,279	)		(351,872	)		(366,496	)		(383,948	)		(401,057	)		(418,287	)		(435,210	)
ACQUISITION EXPENSES		—			55,379			59,255			63,403			67,842			72,590			78,398			84,670			91,443			98,759			106,659			—			—			—			—			—			—
OTHER EXPENSES		—			6,045			15,803			24,858			33,785			42,832			52,204			62,049			72,453			83,505			95,306			95,286			88,190			83,307			79,558			76,511			73,895
NET COMMISSIONS		—			203,504			242,958			262,178			282,306			303,562			329,022			356,750			386,640			418,885			453,713			68,013			20,956			19,891			15,696			13,826			11,722
COST OF FINANCING		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
INCREASE IN LOADING		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
INCREASE IN RESERVES		—			1,697			43,090			92,514			138,280			179,875			218,951			255,634			289,405			320,422			348,343			381,854			325,334			246,637			168,952			91,496			21,077
INCR IN RESERVE FINANCING LIABILITY		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
TOTAL DISBURSEMENTS		—			270,157			369,625			455,427			538,738			619,763			704,260			790,062			876,701			964,716			1,054,259			598,940			491,012			409,811			332,280			256,620			192,028
STATUTORY GAIN		—			(200,771	)		(180,189	)		(156,967	)		(134,399	)		(109,860	)		(86,503	)		(60,699	)		(31,222	)		1,734			38,245			489,330			491,808			493,210			500,642			510,542			514,598
CAPITAL GAINS		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
GAIN ON CALLS AND ROLLOVER		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
LESS DEFAULT LOSSES		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
LESS IMR CAPITALIZATION		—			—			—			—			—			—			—			���			—			—			—			—			—			—			—			—			—
BOOK PROFIT		—			(200,771	)		(180,189			(156,967	)		(134,399	)		(109,860	)		(86,503	)		(60,699	)		(31,222	)		1,734			38,245			489,330			491,808			493,210			500,642			510,542			514,598
INCREASE IN SURPLUS		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
FEDERAL INCOME TAX		—			(56,264	)		(46,585	)		(38,604	)		(30,329	)		(21,014	)		(11,432	)		(859	)		10,980			23,991			38,181			168,238			165,099			169,168			170,413			173,922			174,557
PROFITS RELEASED		—			(144,507	)		(133,604	)		(118,364	)		(104,070	)		(88,846	)		(75,072	)		(59,841	)		(42,202	)		(22,257	)		64			321,093			326,710			326,042			330,229			336,620			340,041
STATUTORY RESERVE (GA) (Canada=GAAP)		—			1,697			44,786			137,301			275,581			455,456			674,407			930,041			1,219,446			1,539,868			1,888,211			2,270,065			2,595,399			2,842,037			3,010,989			3,102,485			3,123,562
RESERVE FINANCING		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
TOTAL LIABILITY (GA)		—			1,697			44,786			137,301			275,581			455,456			674,407			930,041			1,219,446			1,539,868			1,888,211			2,270,065			2,595,399			2,842,037			3,010,989			3,102,485			3,123,562
SEPARATE ACCOUNT LIABILITY		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
TAX RESERVE (GA)		—			(38,321	)		(42,320	)		3,523			94,059			224,114			389,224			586,611			813,423			1,067,033			1,344,532			1,735,037			2,080,469			2,342,693			2,525,393			2,630,511			2,667,451
INTEREST MAINTENANCE RESERVE		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
POLICIES IN FORCE (UNSCALED)		—			176,502			325,856			466,403			604,195			742,393			884,955			1,033,160			1,188,303			1,351,747			1,524,960			1,337,927			1,215,630			1,121,626			1,044,601			979,013			919,285
INSURANCE IN FORCE (NET)		—		7,875,822				14,810,402			21,495,369			28,156,663			34,920,372			41,967,737			49,354,757			57,136,816			65,379,333		74,149,576			67,647,445			63,447,349			60,273,708			57,759,208			55,688,557				54,190,389
CASH VALUE IN FORCE		—			2,122			6,058			9,816			13,515			17,232			21,034			24,984			29,116			33,461			38,062			38,384			35,136			32,497			30,274			28,332			26,591
ECONOMIC RESERVE (Canada=GAAP)		—			(281,506	)		(531,711	)		(739,215)			(909,981)			(1,048,685	)		(1,162,659	)		(1,254,918	)		(1,327,629	)		(1,382,654)			(1,421,961	)		(857,313	)		(337,777	)		110,002			494,479			821,306			1,095,873
EXCESS RESERVE (STAT LESS ECON)		—			283,203			576,498			876,516			1,185,562			1,504,141			1,837,066			2,184,958			2,547,075			2,922,522			3,310,172			3,127,378			2,933,176			2,732,035			2,516,510			2,281,178			2,027,688
EXCESS RESERVE (STAT less ECON Floored at Zero)		—			1,697			44,786			137,301			275,581			455,456			672,030			907,961			1,155,762			1,412,639			1,675,104			1,947,666			2,138,890			2,228,580			2,220,417			2,115,876			1,930,827
GROSS DEFERRED PREMIUMS		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
NET DEFERRED PREMIUMS		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
PV AT 9.00% PROFITS RELEASED		—			(132,576	)		(245,027	)		(336,426	)		(410,151	)		(467,895	)		(512,658	)		(545,393	)		(566,572)			(576,820	)		(576,793	)		(452,359	)		(336,203	)		(229,855	)		(131,035	)		(38,620	)		47,026
PV AT 11.00% PROFITS RELEASED		—			(130,187	)		(238,623	)		(325,169	)		(393,723	)		(446,449	)		(486,585	)		(515,408	)		(533,721)			(542,421	)		(542,399	)		(440,522	)		(347,135	)		(263,174	)		(186,563	)		(116,208	)		(52,181	)
PV AT 13.00% PROFITS RELEASED		—			(127,883	)		(232,514	)		(314,546	)		(378,374	)		(426,596	)		(462,654	)		(488,090	)		(503,965)			(511,374	)		(511,355	)		(427,647	)		(352,273	)		(285,707	)		(226,042	)		(172,220	)		(124,105	)
PV AT 9.00% BOOK PROFITS		9.0	%		(184,194	)		(335,855	)		(457,063	)		(552,274	)		(623,675	)		(675,254	)		(708,459	)		(724,128)			(723,330	)		(707,175	)		(517,543	)		(342,688	)		(181,814	)		(31,998	)		108,165			237,776
PV AT 11.00% BOOK PROFITS		11.0	%		(180,875	)		(327,120	)		(441,893	)		(530,426	)		(595,622	)		(641,871	)		(671,107	)		(684,655)			(683,977	)		(670,508	)		(515,252	)		(374,673	)		(247,664	)		(131,518	)		(24,812	)		72,083
PV AT 13.00% BOOK PROFITS		13.0	%		(177,674	)		(318,788	)		(427,574	)		(510,003	)		(569,631	)		(611,180	)		(636,981	)		(648,725)			(648,148	)		(636,882	)		(509,314	)		(395,851	)		(295,155	)		(204,701	)		(123,070	)		(50,256	)
PV AT 9.00% FEDERAL INCOME TAX		9.0	%		(51,618	)		(90,828	)		(120,637	)		(142,123	)		(155,780	)		(162,597	)		(163,066	)		(157,556)			(146,510	)		(130,382	)		(65,184	)		(6,486	)		48,041			99,037			146,785			190,750
PV AT 11.00% FEDERAL INCOME TAX		11.0	%		(50,688	)		(88,498	)		(116,724	)		(136,703	)		(149,174	)		(155,285	)		(155,699	)		(150,934)			(141,556	)		(128,109	)		(74,730	)		(27,538	)		15,510			55,045			91,396			124,263
PV AT 13.00% FEDERAL INCOME TAX		13.0	%		(49,791	)		(86,274	)		(113,028	)		(131,629	)		(143,035	)		(148,526	)		(148,891	)		(144,761)			(136,774	)		(125,527	)		(81,667	)		(43,578	)		(9,448	)		21,341			49,150			73,849
Tax Reserve before unamort DAC		—			(31,946	)		(20,064	)		49,217			169,606			335,025			540,314			782,112			1,057,024			1,361,905			1,693,356			2,127,455			2,499,508			2,775,614			2,962,021			3,062,769			3,089,346
Capital (Based on 300% RBC (i=5.70%))		—			15,239	)		33,622			52,623			72,856			94,545			118,023			143,415			170,776			200,182			231,712			234,855			233,330			232,414			230,874			228,122			224,441
Capital: After-Tax int less change (i=5.70%)		—			(15,239	)		(17,819	)		(17,755	)		(18,283	)		(18,990	)		(19,975	)		(21,019	)		(22,048	)		(23,079	)		(24,114	)		5,443			10,226			9,561			10,151			11,307			12,133
PV's -- Primerica Term								9.00	%		11.00	%		13.00	%		15.00	%		20.00	%
PV PRE-TAX BOOK PROFIT								944,817			567,331			298,643			107,076			(164,290	)
PV FEDERAL INCOME TAX								(426,686	)		(289,729	)		(190,537	)		(118,343	)		(11,491	)
PV Capital: After-Tax int less change (i=5.70%) less Init Cap								(67,799	)		(73,755	)		(75,480	)		(74,795	)		(68,537	)
PV After-Tax, After Cost of Capital								450,332			203,847			32,626			(86,063	)		(244,318	)

C-13

Milliman

017CIG01\15\0906	Puck(Rev) @06/30/09 - Baseline: Inforce External Res Financing@0.0% (Preliminary)																																				10/21/09
From PUCK0906B.XLS	Line of Business Projection																																				06:01 PM
Baseline Production
Future Business - 10 Years of New Business (000)	2026			2027			2028			2029			2030			2031			2032			2033			2034			2035			2036			2037			2038			2039
Primerica Term
GROSS PREMIUMS		992,388			958,794			926,761			895,091			869,045			842,321			814,233			785,027			755,289			724,483			694,620			665,298			636,497			605,926
REINSURANCE PREMIUMS (NET OF ALLOWANCES)		(532,493	)		(557,392	)		(582,778	)		(607,560	)		(602,256	)		(592,554	)		(577,867	)		(556,565	)		(528,867	)		(500,207	)		(464,868	)		(422,051	)		(370,855	)		(298,853	)
GROSS INVESTMENT INCOME PLUS FEE INCOME		186,044			181,087			171,775			157,907			139,851			120,494			100,323			79,838			59,591			40,303			22,607			8,005			(2,394	)		(6,678	)
ACCRUAL OF DISCOUNT		—			—			—			—			—			—			—			—			—			—			—			—			—			—
AMORTIZATION OF IMR		—			—			—			—			—			—			—			—			—			—			—			—			—			—
LESS INVESTMENT EXPENSE		—			—			—			—			—			—			—			—			—			—			—			—			—			—
LESS INCOME LOST ON DEFAULTS		—			—			—			—			—			—			—			—			—			—			—			—			—			—
TOTAL INCOME		645,939			582,489			515,758			445,437			406,640			370,261			336,689			308,300			286,012			264,579			252,358			251,252			263,248			300,395
NET SURRENDERS		—			—			—			—			—			—			—			—			—			—			—			—			—			1,277
HEALTH BENEFITS		—			—			—			—			—			—			—			—			—			—			—			—			—			—
DIRECT DEATH BENEFITS		549,274			578,832			609,340			639,938			664,491			681,864			695,257			703,774			707,345			700,712			688,735			672,098			649,452			603,379
REINSURANCE DEATH BENEFITS		(451,225	)		(467,812	)		(484,840	)		(501,571	)		(499,606	)		(490,885	)		(478,475	)		(461,441	)		(439,534	)		(414,181	)		(386,233	)		(352,228	)		(311,442	)		(261,694	)
ACQUISITION EXPENSES		—			—			—			—			—			—			—			—			—			—			—			—			—			—
OTHER EXPENSES		71,546			69,449			67,538			65,727			63,918			61,902			59,763			57,482			55,067			52,700			50,438			48,087			45,624			42,894
NET COMMISSIONS		9,569			7,381			5,100			2,634			—			—			—			—			—			—			—			—			—			—
COST OF FINANCING		—			—			—			—			—			—			—			—			—			—			—			—			—			—
INCREASE IN LOADING		—			—			—			—			—			—			—			—			—			—			—			—			—			—
INCREASE IN RESERVES		(53,370	)		(130,011	)		(210,283	)		(295,358	)		(319,043	)		(335,360	)		(343,788	)		(342,672	)		(329,123	)		(306,347	)		(255,412	)		(185,799	)		(94,770	)		37,332
INCR IN RESERVE FINANCING LIABILITY		—			—			—			—			—			—			—			—			—			—			—			—			—			—
TOTAL DISBURSEMENTS		125,795			57,839			(13,145	)		(88,631	)		(90,240	)		(82,478	)		(67,242	)		(42,856	)		(6,244)			32,885			97,529			182,158			288,865			423,188
STATUTORY GAIN		520,144			524,650			528,903			534,069			496,880			452,740			403,930			351,156			292,257			231,694			154,830			69,094			(25,617	)		(122,793	)
CAPITAL GAINS		—			—			—			—			—			—			—			—			—			—			—			—			—			—
GAIN ON CALLS AND ROLLOVER		—			—			—			—			—			—			—			—			—			—			—			—			—			—
LESS DEFAULT LOSSES		—			—			—			—			—			—			—			—			—			—			—			—			—			—
LESS IMR CAPITALIZATION		—			—			—			—			—			—			—			—			—			—			—			—			—			—
BOOK PROFIT		520,144			524,650			528,903			534,069			496,880			452,740			403,930			351,156			292,257			231,694			154,830			69,094			(25,617	)		(122,793	)
INCREASE IN SURPLUS		—			—			—			—			—			—			—			—			—			—			—			—			—			—
FEDERAL INCOME TAX		175,594			176,424			177,407			179,024			167,121			152,448			135,876			117,803			97,535			76,546			49,971			20,341			(12,370	)		(43,863	)
PROFITS RELEASED		344,550			348,227			351,496			355,045			329,758			300,292			268,054			233,353			194,722			155,149			104,859			48,753			(13,247	)		(78,930	)
STATUTORY RESERVE (GA) (Canada=GAAP)		3,070,192			2,940,180			2,729,897			2,434,538			2,115,495			1,780,135			1,436,347			1,093,676			764,553			458,206			202,795			16,995			(77,775	)		(40,443	)
RESERVE FINANCING		—			—			—			—			—			—			—			—			—			—			—			—			—			—
TOTAL LIABILITY (GA)		3,070,192			2,940,180			2,729,897			2,434,538			2,115,495			1,780,135			1,436,347			1,093,676			764,553			458,206			202,795			16,995			(77,775	)		(40,443	)
SEPARATE ACCOUNT LIABILITY		—			—			—			—			—			—			—			—			—			—			—			—			—			—
TAX RESERVE (GA)		2,632,527			2,523,099			2,334,842			2,062,056			1,762,403			1,444,218			1,116,143			788,047			472,509			179,154			(64,202	)		(239,025	)		(324,069	)		(284,207	)
INTEREST MAINTENANCE RESERVE		—			—			—			—			—			—			—			—			—			—			—			—			—			—
POLICIES IN FORCE (UNSCALED)		866,154			818,273			774,374			733,053			691,844			651,026			610,141			568,931			527,312			491,149			455,183			418,967			382,247			325,504
INSURANCE IN FORCE (NET)		52,878,891			51,737,194			50,738,940			49,842,996			49,253,923			48,585,599			47,788,710		46,920,603			46,032,503			44,320,455			42,781,710			41,287,209			39,832,045				36,813,806
CASH VALUE IN FORCE		24,960			23,438			22,004			20,616			20,229			19,862			19,516			19,167			18,823			19,009			19,350			19,841			20,450			19,672
ECONOMIC RESERVE (Canada=GAAP)		1,318,759			1,489,742			1,607,210			1,668,825			1,698,435			1,695,460			1,662,308			1,602,721			1,519,988			1,418,842			1,308,112			1,193,845			1,083,120			985,562
EXCESS RESERVE (STAT LESS ECON)		1,751,433			1,450,438			1,122,687			765,714			417,060			84,675			(225,960	)		(509,045	)		(755,435	)		(960,636	)		(1,105,317	)		(1,176,850	)		(1,160,894	)		(1,026,004	)
EXCESS RESERVE (STAT less ECON Floored at Zero)		1,695,517			1,421,530			1,110,281			759,304			410,180			77,290			(233,888	)		(517,555	)		(761,428	)		(967,109	)		(1,112,308	)		(1,184,400	)		(1,176,626	)		(1,034,113	)
GROSS DEFERRED PREMIUMS		—			—			—			—			—			—			—			—			—			—			—			—			—			—
NET DEFERRED PREMIUMS		—			—			—			—			—			—			—			—			—			—			—			—			—			—
PV AT 9.00% PROFITS RELEASED		126,642			200,464			268,826			332,177			386,158			431,257			468,190			497,686			520,268			536,775			547,010			551,375			550,287			544,338
PV AT 11.00% PROFITS RELEASED		6,266			59,483			107,876			151,914			188,762			218,992			243,302			262,368			276,701			286,990			293,254			295,878			295,236			291,788
PV AT 13.00% PROFITS RELEASED		(80,962)			(42,374	)		(7,905)			22,907			48,232			68,641			84,763			97,183			106,355			112,822			116,690			118,281			117,899			115,881
PV AT 9.00% BOOK PROFITS		357,968			469,190			572,056			667,351			748,689			816,682			872,336			916,724			950,617			975,267			990,380			996,567			994,462			985,207
PV AT 11.00% BOOK PROFITS		160,316			240,494			313,312			379,555			435,077			480,654			517,288			545,979			567,491			582,856			592,106			595,824			594,582			589,218
PV AT 13.00% BOOK PROFITS		14,875			73,013			124,879			171,227			209,386			240,156			264,450			283,141			296,906			306,564			312,275			314,531			313,791			310,652
PV AT 9.00% FEDERAL INCOME TAX		231,326			268,726			303,230			335,173			362,531			385,426			404,147			419,038			430,349			438,493			443,370			445,192			444,175			440,869
PV AT 11.00% FEDERAL INCOME TAX		154,050			181,011			205,436			227,641			246,316			261,662			273,985			283,611			290,790			295,866			298,851			299,946			299,346			297,430
PV AT 13.00% FEDERAL INCOME TAX		95,837			115,386			132,784			148,320			161,154			171,515			179,687			185,958			190,552			193,742			195,586			196,250			195,892			194,771
Tax Reserve before unamort DAC		3,039,659			2,912,620			2,705,459			2,414,026			2,098,114			1,765,558			1,424,466			1,084,420			757,798			453,754			200,334			16,058			(77,833	)		(45,640	)
Capital (Based on 300% RBC (i=5.70%))		219,013			211,628			202,089			190,128			178,175			165,588			152,503			139,294			126,438			113,169			101,715			92,454			86,026			81,518
Capital: After-Tax int less change (i=5.70%)		13,743			15,500			17,380			19,448			18,997			19,188			19,221			18,859			18,017			17,954			15,647			13,029			9,853			7,696
PV's -- Primerica Term
PV PRE-TAX BOOK PROFIT
PV FEDERAL INCOME TAX
PV Capital: After-Tax int less change (i=5.70%) less Init Cap
PV After-Tax, After Cost of Capital

C-14

Milliman

017CIG01\15\0906		Puck(Rev) @06/30/09 - Baseline: Inforce External Res Financing@0.0% (Preliminary)																													10/21/09
From PUCK0906B.XLS	Line of Business Projection																														06:01 PM
Baseline Production
Future Business - 10 Years of New Business (000)	2009			2010			2011			2012			2013			2014			2015			2016			2017			2018			2019			2020			2021			2022			2023		2024		2025
Primerica Waiver of Premium
GROSS PREMIUMS		—			2,193			5,669			8,911			12,102			15,322			18,645			22,126			25,795			29,683			33,827			33,738			31,209			29,386		27,936		26,723		25,710
REINSURANCE PREMIUMS (NET OF ALLOWANCES:		—			—			—			—			—			—			—			—			—			—			—			—			—			—		—		—		—
GROSS INVESTMENT INCOME PLUS FEE INCOME		—			16			40			63			86			109			133			158			184			211			241			240			222			209		199		190		183
ACCRUAL OF DISCOUNT		—			—			—			—			—			—			—			—			—			—			—			—			—			—		—		—		—
AMORTIZATION OF IMR		—			—			—			—			—			—			—			—			—			—			—			—			—			—		—		—		—
LESS INVESTMENT EXPENSE		—			—			—			—			—			—			—			—			—			—			—			—			—			—		—		—		—
LESS INCOME LOST ON DEFAULTS		—			—			—			—			—			—			—			—			—			—			—			—			—			—		—		—		—
TOTAL INCOME		—			2,209			5,710			8,975			12,188			15,431			18,778			22,284			25,979			29,894			34,068			33,979			31,431			29,595		28,135		26,913		25,893
NET SURRENDERS		—			1,601			4,139			6,505			8,835			11,185			13,611			16,152			18,830			21,668			24,694			24,629			22,783			21,452		20,393		19,508		18,768
HEALTH BENEFITS		—			—			—			—			—			—			—			—			—			—			—			—			—			—		—		—		—
DIRECT DEATH BENEFITS		—			—			—			—			—			—			—			—			—			—			—			—			—			—		—		—		—
REINSURANCE DEATH BENEFITS		—			—			—			—			—			—			—			—			—			—			—			—			—			—		—		—		—
ACQUISITION EXPENSES		—			—			—			—			—			—			—			—			—			—			—			—			—			—		—		—		—
OTHER EXPENSES		—			44			113			178			242			306			373			443			516			594			677			675			624			588		559		534		514
NET COMMISSIONS		—			—			—			—			—			—			—			—			—			—			—			—			—			—		—		—		—
COST OF FINANCING		—			—			—			—			—			—			—			—			—			—			—			—			—			—		—		—		—
INCREASE IN LOADING		—			—			—			—			—			—			—			—			—			—			—			—			—			—		—		—		—
INCREASE IN RESERVES		—			—			—			—			—			—			—			—			—			—			—			—			—			—		—		—		—
INCR IN RESERVE FINANCING LIABILITY		—			—			—			—			—			—			—			—			—			—			—			—			—			—		—		—		—
TOTAL DISBURSEMENTS		—			1,645			4,252			6,683			9,077			11,491			13,984			16,595			19,346			22,262			25,370			25,304			23,407			22,039		20,952		20,042		19,283
STATUTORY GAIN		—			564			1,458			2,291			3,112			3,940			4,794			5,689			6,632			7,632			8,698			8,675			8,025			7,556		7,183		6,871		6,611
CAPITAL GAINS		—			—			—			—			—			—			—			—			—			—			—			—			—			—		—		—		—
GAIN ON CALLS AND ROLLOVER		—			—			—			—			—			—			—			—			—			—			—			—			—			—		—		—		—
LESS DEFAULT LOSSES		—			—			—			—			—			—			—			—			—			—			—			—			—			—		—		—		—
LESS IMR CAPITALIZATION		—			—			—			—			—			—			—			—			—			—			—			—			—			—		—		—		—
BOOK PROFIT		—			564			1,458			2,291			3,112			3,940			4,794			5,689			6,632			7,632			8,698			8,675			8,025			7,556		7,183		6,871		6,611
INCREASE IN SURPLUS		—			—			—			—			—			—			—			—			—			—			—			—			—			—		—		—		—
FEDERAL INCOME TAX		—			254			649			1,009			1,354			1,693			2,036			2,388			2,753			3,133			3,532			3,433			3,061			2,785		2,567		2,388		2,245
PROFITS RELEASED		—			310			808			1,282			1,758			2,246			2,758			3,301			3,880			4,499			5,166			5,242			4,964			4,770		4,616		4,483		4,366
STATUTORY RESERVE (GA) (Canada=GAAP)		—			—			—			—			—			—			—			—			—			—			—			—			—			—		—		—		—
RESERVE FINANCING		—			—			—			—			—			—			—			—			—			—			—			—			—			—		—		—		—
TOTAL LIABILITY (GA)		—			—			—			—			—			—			—			—			—			—			—			—			—			—		—		—		—
SEPARATE ACCOUNT LIABILITY		—			—			—			—			—			—			—			—			—			—			—			—			—			—		—		—		—
TAX RESERVE (GA)		—			(160	)		(558	)		(1,150	)		(1,906	)		(2,804	)		(3,828	)		(4,962	)		(6,195	)		(7,513	)		(8,906	)		(10,041	)		(10,761	)		(11,163	)	(11,314	)	(11,267	)	(11,071	)
INTEREST MAINTENANCE RESERVE		—			—			—			—			—			—			—			—			—			—			—			—			—			—		—		—		—
POLICIES IN FORCE (UNSCALED)		—			—			—			—			—			—			—			—			—			—			—			—			—			—		—		—		—
INSURANCE IN FORCE (NET)		—		—				—			—			—			—			—			—			—			—		—			—			—			—			—		—		—
CASH VALUE IN FORCE		—			—			—			—			—			—			—			—			—			—			—			—			—			—		—		—		—
ECONOMIC RESERVE (Canada=GAAP)		—			—			—			—			—			—			—			—			—			—			—			—			—			—		—		—		—
EXCESS RESERVE (STAT LESS ECON)		—			—			—			—			—			—			—			—			—			—			—			—			—			—		—		—		—
EXCESS RESERVE (STAT less ECON Floored at Zero)		—			—			—			—			—			—			—			—			—			—			—			—			—			—		—		—		—
GROSS DEFERRED PREMIUMS		—			—			—			—			—			—			—			—			—			—			—			—			—			—		—		—		—
NET DEFERRED PREMIUMS		—			—			—			—			—			—			—			—			—			—			—			—			—			—		—		—		—
PV AT 9.00% PROFITS RELEASED		—			285			965			1,955			3,201			4,661			6,305			8,111			10,058			12,130			14,312			16,343			18,108			19,664		21,045		22,276		23,376
PV AT 11.00% PROFITS RELEASED		—			280			936			1,873			3,031			4,364			5,839			7,429			9,112			10,871			12,691			14,354			15,773			17,001		18,072		19,009		19,831
PV AT 13.00% PROFITS RELEASED		—			275			908			1,796			2,875			4,094			5,419			6,822			8,281			9,779			11,301			12,667			13,812			14,786		15,620		16,337		16,955
PV AT 9.00% BOOK PROFITS		9.0	%		517			1,744			3,514			5,718			8,279			11,137			14,249			17,578			21,092			24,766			28,128			30,981			33,446		35,595		37,481		39,146
PV AT 11.00% BOOK PROFITS		11.0	%		508			1,691			3,367			5,416			7,754			10,318			13,058			15,936			18,919			21,983			24,735			27,029			28,975		30,641		32,077		33,322
PV AT 13.00% BOOK PROFITS		13.0	%		499			1,641			3,229			5,137			7,275			9,578			11,997			14,491			17,032			19,594			21,856			23,707			25,250		26,548		27,646		28,582
PV AT 9.00% FEDERAL INCOME TAX		9.0	%		233			779			1,558			2,517			3,618			4,832			6,139			7,520			8,962			10,454			11,785			12,873			13,782		14,550		15,205		15,771
PV AT 11.00% FEDERAL INCOME TAX		11.0	%		228			756			1,493			2,385			3,390			4,479			5,629			6,823			8,048			9,292			10,381			11,256			11,973		12,569		13,068		13,491
PV AT 13.00% FEDERAL INCOME TAX		13.0	%		224			733			1,432			2,263			3,182			4,160			5,175			6,210			7,253			8,294			9,189			9,895			10,463		10,927		11,309		11,627
Tax Reserve before unamort DAC		—			—			—			—			—			—			—			—			—			—			—			—			—			—		—		—		—
Capital (Based on 300% RBC (i=5.70%))		—			132			340			535			726			919			1,119			1,328			1,548			1,781			2,030			2,024			1,873			1,763		1,676		1,603		1,543
Capital: After-Tax int less change (i=5.70%)		—			(132	)		(204	)		(182	)		(172	)		(166	)		(165	)		(167	)		(171	)		(176	)		(183	)		81			227			179		152		135		120
PRE-TAX BOOK PROFIT					564			1,458			2,291			3,112			3,940			4,794			5,689			6,632			7,632			8,698			8,675			8,025			7,556		7,183		6,871		6,611
FEDERAL INCOME TAX					(254	)		(649	)		(1,009	)		(1,354	)		(1,693	)		(2,036	)		(2,388	)		(2,753	)		(3,133	)		(3,532	)		(3,433	)		(3,061	)		(2,785	)	(2,567	)	(2,388	)	(2,245	)
PV's -- Primerica Waiver of Premium								9.00	%		11.00	%		13.00	%		15.00	%		20.00	%
PV PRE-TAX BOOK PROFIT								50,681			41,001			33,767			28,243			19,094
PV FEDERAL INCOME TAX								(19,486	)		(15,977	)		(13,312	)		(11,248	)		(7,761	)
PV Capital: After-Tax int less change (i=5.70%) less Init Cap								(574	)		(628	)		(648	)		(647	)		(605	)
PV After-Tax, After Cost of Capital								30,621			24,396			19,808			16,348			10,728

C-15

Milliman

017CIG01\15\0906		Puck(Rev) @06/30/09 - Baseline: Inforce External Res Financing@0.0% (Preliminary)
From PUCK0906B.XLS		Line of Business Projection																																	10/21/09
Baseline Production																																				06:01 PM
Future Business -10 Years of New Business (000)	2026				2027			2028			2029			2030			2031			2032			2033			2034			2035			2036				2037			2038			2039
Primerica Waiver of Premium
GROSS PREMIUMS			24,810			23,970			23,169			22,377			21,726			21,058			20,356			19,626			18,882			18,112			17,365				16,632			15,912			15,148
REINSURANCE PREMIUMS (NET OF ALLOWANCES:			—			—			—			—			—			—			—			—			—			—			—				—			—			—
GROSS INVESTMENT INCOME PLUS FEE INCOME	177				171			165			159			155			150			145			140			135			129			124				119			113			108
ACCRUAL OF DISCOUNT			—			—			—			—			—			—			—			—			—			—			—				—			—			—
AMORTIZATION OF IMR			—			—			—			—			—			—			—			—			—			—			—				—			—			—
LESS INVESTMENT EXPENSE			—			—			—			—			—			—			—			—			—			—			—				—			—			—
LESS INCOME LOST ON DEFAULTS			—			—			—			—			—			—			—			—			—			—			—				—			—			—
TOTAL INCOME			24,986			24,141			23,334			22,537			21,881			21,208			20,501			19,765			19,017			18,241			17,489				16,751			16,026			15,256
NET SURRENDERS			18,111			17,498			16,913			16,335			15,860			15,372			14,860			14,327			13,784			13,222			12,677				12,142			11,616			11,058
HEALTH BENEFITS			—			—			—			—			—			—			—			—			—			—			—				—			—			—
DIRECT DEATH BENEFITS			—			—			—			—			—			—			—			—			—			—			—				—			—			—
REINSURANCE DEATH BENEFITS			—			—			—			—			—			—			—			—			—			—			—				—			—			—
ACQUISITION EXPENSES			—			—			—			—			—			—			—			—			—			—			—				—			—			—
OTHER EXPENSES	496				479			463			448			435			421			407			393			378			362			347				333			318			303
NET COMMISSIONS			—			—			—			—			—			—			—			—			—			—			—				—			—			—
COST OF FINANCING			—			—			—			—			—			—			—			—			—			—			—				—			—			—
INCREASE IN LOADING			—			—			—			—			—			—			—			—			—			—			—				—			—			—
INCREASE IN RESERVES			—			—			—			—			—			—			—			—			—			—			—				—			—			—
INCR IN RESERVE FINANCING LIABILITY			—			—			—			—			—			—			—			—			—			—			—				—			—			—
TOTAL DISBURSEMENTS			18,607			17,977			17,377			16,783			16,295			15,794			15,267			14,719			14,162			13,584			13,024				12,474			11,934			11,361
STATUTORY GAIN			6,379			6,163			5,957			5,754			5,586			5,415			5,234			5,046			4,855			4,657			4,465				4,277			4,091			3,895
CAPITAL GAINS			—			—			—			—			—			—			—			—			—			—			—				—			—			—
GAIN ON CALLS AND ROLLOVER			—			—			—			—			—			—			—			—			—			—			—				—			—			—
LESS DEFAULT LOSSES			—			—			—			—			—			—			—			—			—			—			—				—			—			—
LESS IMR CAPITALIZATION			—			—			—			—			—			—			—			—			—			—			—				—			—			—
BOOK PROFIT			6,379			6,163			5,957			5,754			5,586			5,415			5,234			5,046			4,855			4,657			4,465				4,277			4,091			3,895
INCREASE IN SURPLUS			—			—			—			—			—			—			—			—			—			—			—				—			—			—
FEDERAL INCOME TAX			2,127			2,027			1,945			1,876			1,832			1,784			1,727			1,665			1,600			1,531			1,464				1,398			1,334			1,264
PROFITS RELEASED			4,253			4,136			4,013			3,877			3,754			3,631			3,507			3,381			3,255			3,126			3,001				2,879			2,758			2,631
STATUTORY RESERVE (GA) (Canada=GAAP)			—			—			—			—			—			—			—			—			—			—			—				—			—			—
RESERVE FINANCING			—			—			—			—			—			—			—			—			—			—			—				—			—			—
TOTAL LIABILITY (GA)			—			—			—			—			—			—			—			—			—			—			—				—			—			—
SEPARATE ACCOUNT LIABILITY			—			—			—			—			—			—			—			—			—			—			—				—			—			—
TAX RESERVE (GA)			(10,767	)		(10,396	)		(9,996	)		(9,603	)		(9,251	)		(8,932	)		(8,633	)		(8,345	)		(8,062	)		(7,779	)		(7,496	)			(7,214	)		(6,933	)		(6,648	)
INTEREST MAINTENANCE RESERVE			—			—			—			—			—			—			—			—			—			—			—				—			—			—
POLICIES IN FORCE (UNSCALED)			—			—			—			—			—			—			—			—			—			—			—				—			—			—
INSURANCE IN FORCE (NET)			—			—			—			—			—			—			—			—			—			—			—				—			—			—
CASH VALUE IN FORCE			—			—			—			—			—			—			—			—			—			—			—				—			—			—
ECONOMIC RESERVE (Canada=GAAP)			—			—			—			—			—			—			—			—			—			—			—				—			—			—
EXCESS RESERVE (STAT LESS ECON)			—			—			—			—			—			—			—			—			—			—			—				—			—			—
EXCESS RESERVE (STAT less ECON Floored at Zero)			—			—			—			—			—			—			—			—			—			—			—				—			—			—
GROSS DEFERRED PREMIUMS			—			—			—			—			—			—			—			—			—			—			—				—			—			—
NET DEFERRED PREMIUMS			—			—			—			—			—			—			—			—			—			—			—				—			—			—
PV AT 9.00% PROFITS RELEASED			24,358			25,235			26,016			26,707			27,322			27,867			28,350			28,778			29,155			29,488			29,781				30,039			30,265			30,463
PV AT 11.00% PROFITS RELEASED			20,552			21,185			21,737			22,218			22,637			23,003			23,321			23,597			23,837			24,044			24,223				24,378			24,512			24,627
PV AT 13.00% PROFITS RELEASED			17,487			17,946			18,339			18,676			18,964			19,211			19,422			19,602			19,755			19,885			19,996				20,090			20,170			20,237
PV AT 9.00% BOOK PROFITS			40,621			41,927			43,086			44,112			45,027			45,840			46,561			47,199			47,762			48,258			48,693				49,076			49,412			49,706
PV AT 11.00% BOOK PROFITS			34,404			35,346			36,166			36,880			37,504			38,049			38,524			38,936			39,293			39,602			39,869				40,099			40,298			40,468
PV AT 13.00% BOOK PROFITS			29,380			30,063			30,648			31,147			31,576			31,944			32,259			32,527			32,756			32,950			33,115				33,254			33,373			33,472
PV AT 9.00% FEDERAL INCOME TAX			16,262			16,692			17,070			17,405			17,705			17,973			18,211			18,421			18,607			18,770			18,913				19,038			19,147			19,243
PV AT 11.00% FEDERAL INCOME TAX			13,852			14,161			14,429			14,662			14,867			15,046			15,203			15,339			15,457			15,558			15,646				15,721			15,785			15,841
PV AT 13.00% FEDERAL INCOME TAX			11,893			12,118			12,308			12,471			12,612			12,733			12,837			12,926			13,001			13,065			13,119				13,164			13,203			13,235
Tax Reserve before unamort DAC			—			—		—			—			—			—			—			—			—			—			—				—			—			—
Capital (Based on 300% RBC (i=5.70%))			1,489			1,438			1,390			1,343			1,304			1,263			1,221			1,178			1,133			1,087			1,042			998			955			909
Capital: After-Tax int less change (i=5.70%)	111				106			101			99			89			88			89			89			88			88			85				83			80			81
PRE-TAX BOOK PROFIT			6,379			6,163			5,957			5,754			5,586			5,415			5,234			5,046			4,855			4,657			4,465				4,277			4,091			3,895
FEDERAL INCOME TAX			(2,127	)		(2,027	)		(1,945	)		(1,876	)		(1,832	)		(1,784	)		(1,727	)		(1,665	)		(1,600	)		(1,531	)		(1,464	)			(1,398	)		(1,334	)		(1,264	)
PV's -- Primerica Waiver of Premium
PV PRE-TAX BOOK PROFIT
PV FEDERAL INCOME TAX
PV Capital: After-Tax int less change (i=5.70%) less Init Cap
PV After-Tax, After Cost of Capital

C-16

Milliman

017CIG01\15\0906								Puck(Rev) @06/30/09 - Baseline: Inforce External Res Financing@0.0% (Preliminary)																							10/21/09
From PUCK0906B.XLS								Line of Business Projection																							06:01 PM
Baseline Production
Future Business - 10 Years of New Business (000)	2009			2010			2011			2012			2013			2014			2015			2016			2017			2018			2019			2020			2021			2022			2023		2024		2025
Primerica Retained Asset Account
GROSS PREMIUMS		—			—			—			—			—			—			—			—			—			—			—			—			—			—		—		—		—
REINSURANCE PREMIUMS (NET OF ALLOWANCES:		—			—			—			—			—			—			—			—			—			—			—			—			—			—		—		—		—
GROSS INVESTMENT INCOME PLUS FEE INCOME		—			178			646			1,238			1,883			2,617			3,446			4,377			5,420			6,586			7,893			8,982			9,605			10,111		10,676		11,253		11,874
ACCRUAL OF DISCOUNT		—			—			—			—			—			—			—			—			—			—			—			—			—			—		—		—		—
AMORTIZATION OF IMR		—			—			—			—			—			—			—			—			—			—			—			—			—			—		—		—		—
LESS INVESTMENT EXPENSE		—			—			—			—			—			—			—			—			—			—			—			—			—			—		—		—		—
LESS INCOME LOST ON DEFAULTS		—			—			—			—			—			—			—			—			—			—			—			—			—			—		—		—		—
TOTAL INCOME		—			178			646			1,238			1,883			2,617			3,446			4,377			5,420			6,586			7,893			8,982			9,605			10,111		10,676		11,253		11,874
NET SURRENDERS		—			(6,253	)		(10,171	)		(10,305	)		(11,606	)		(12,963	)		(14,379	)		(15,947	)		(17,628	)		(19,496	)		(21,705	)		(10,884	)		(4,285	)		(6,123	)	(6,058	)	(6,071	)	(7,174	)
HEALTH BENEFITS		—			—			—			—			—			—			—			—			—			—			—			—			—			—		—		—		—
DIRECT DEATH BENEFITS		—			—			—			—			—			—			—			—			—			—			—			—			—			—		—		—		—
REINSURANCE DEATH BENEFITS		—			—			—			—			—			—			—			—			—			—			—			—			—			—		—		—		—
ACQUISITION EXPENSES		—			—			—			—			—			—			—			—			—			—			—			—			—			—		—		—		—
OTHER EXPENSES		—			—			—			—			—			—			—			—			—			—			—			—			—			—		—		—		—
NET COMMISSIONS		—			—			—			—			—			—			—			—			—			—			—			—			—			—		—		—		—
COST OF FINANCING		—			—			—			—			—			—			—			—			—			—			—			—			—			—		—		—		—
INCREASE IN LOADING		—			—			—			—			—			—			—			—			—			—			—			—			—			—		—		—		—
INCREASE IN RESERVES		—			6,253			10,309			10,670			12,205			13,830			15,550			17,461			19,526			21,824			24,512			14,231			7,945			9,958		10,112		10,347		11,678
INCR IN RESERVE FINANCING LIABILITY		—			—			—			—			—			—			—			—			—			—			—			—			—			—		—		—		—
TOTAL DISBURSEMENTS		—			—			138			364			599			868			1,172			1,514			1,898			2,328			2,808			3,347			3,660			3,835		4,054		4,277		4,504
STATUTORY GAIN		—			178			509			873			1,284			1,750			2,274			2,863			3,522			4,259			5,086			5,635			5,945			6,276		6,977		6,977		7,370
CAPITAL GAINS		—			—			—			—			—			—			—			—			—			—			—			—			—			—		—		—		—
GAIN ON CALLS AND ROLLOVER		—			—			—			—			—			—			—			—			—			—			—			—			—			—		—		—		—
LESS DEFAULT LOSSES		—			—			—			—			—			—			—			—			—			—			—			—			—			—		—		—		—
LESS IMR CAPITALIZATION		—			—			—			—			—			—			—			—			—			—			—			—			—			—		—		—		—
BOOK PROFIT		—			178			509			873			1,284			1,750			2,274			2,863			3,522			4,259			5,086			5,635			5,945			6,276		6,622		6,977		7,370
INCREASE IN SURPLUS		—			—			—			—			—			—			—			—			—			—			—			—			—			—		—		—		—
FEDERAL INCOME TAX		—			62			178			306			449			612			796			1,002			1,233			1,491			1,780			1,972			2,081			2,196		2,318		2,442		2,580
PROFITS RELEASED		—			116			331			568			835			1,137			1,478			1,861			2,289			2,768			3,306			3,663			3,864			4,079		4,304		4,535		4,791
STATUTORY RESERVE (GA) (Canada=GAAP)		—			6,253			16,562			27,232			39,437			53,267			68,818			86,279			105,805			127,628			152,141			166,372			174,317			184,275		194,386		204,734		216,412
RESERVE FINANCING		—			—			—			—			—			—			—			—			—			—			—			—			—			—		—		—		—
TOTAL LIABILITY (GA)		—			6,253			16,562			27,232			39,437			53,267			68,818			86,279			105,805			127,628			152,141			166,372			174,317			184,275		194,386		204,734		216,412
SEPARATE ACCOUNT LIABILITY		—			—			—			—			—			—			—			—			—			—			—			—			—			—		—		—		—
TAX RESERVE (GA)		—			6,253			16,562			27,232			39,437			53,267			68,818			86,279			105,805			127,628			152,141			166,372			174,317			184,275		194,386		204,734		216,412
INTEREST MAINTENANCE RESERVE		—			—			—			—			—			—			—			—			—			—			—			—			—			—		—		—		—
POLICIES IN FORCE (UNSCALED)		—			—			—			—			—			—			—			—			—			—			—			—			—			—		—		—		—
INSURANCE IN FORCE (NET)		—			—			—			—			—			—			—			—			—			—			—			—			—			—		—		—		—
CASH VALUE IN FORCE		—			—			—			—			—			—			—			—			—			—			—			—			—			—		—		—		—
ECONOMIC RESERVE (Canada=GAAP)		—			—			—			—			—			—			—			—			—			—			—			—			—			—		—		—		—
EXCESS RESERVE (STAT LESS ECON)		—			—			—			—			—			—			—			—			—			—			—			—			—			—		—		—		—
EXCESS RESERVE (STAT less ECON Floored at Zero)		—			—			—			—			—			—			—			—			—			—			—			—			—			—		—		—		—
GROSS DEFERRED PREMIUMS		—			—			—			—			—			—			—			—			—			—			—			—			—			—		—		—		—
NET DEFERRED PREMIUMS		—			—			—			—			—			—			—			—			—			—			—			—			—			—		—		—		—
PV AT 9.00% PROFITS RELEASED		—			106			385			823			1,414			2,153			3,035			4,053			5,202			6,476			7,873			9,292			10,666			11,997		13,285		14,530		15,736
PV AT 11.00% PROFITS RELEASED		—			104			373			788			1,338			2,013			2,803			3,699			4,693			5,775			6,939			8,101			9,206			10,256		11,255		12,203		13,105
PV AT 13.00% PROFITS RELEASED		—			103			361			755			1,267			1,884			2,594			3,385			4,246			5,168			6,142			7,096			7,988			8,821		9,599		10,324		11,001
PV AT 9.00% BOOK PROFITS		9.0	%		164			592			1,266			2,176			3,313			4,669			6,235			8,003			9,964			12,112			14,296			16,409			18,456		20,438		22,353		24,210
PV AT 11.00% BOOK PROFITS		11.0	%		161			573			1,212			2,058			3,096			4,312			5,691			7,219			8,884			10,675			12,463			14,163			15,779		17,315		18,773		20,161
PV AT 13.00% BOOK PROFITS		13.0	%		158			556			1,161			1,949			2,899			3,991			5,208			6,533			7,950			9,449			10,918			12,289			13,570		14,767		15,882		16,925
PV AT 9.00% FEDERAL INCOME TAX		9.0	%		57			207			443			761			1,160			1,634			2,182			2,801			3,487			4,239			5,003			5,743			6,460		7,153		7,824		8,473
PV AT 11.00% FEDERAL INCOME TAX		11.0	%		56			201			424			720			1,084			1,509			1,992			2,527			3,110			3,736			4,362			4,957			5,523		6,060		6,571		7,056
PV AT 13.00% FEDERAL INCOME TAX		13.0	%		55			195			407			682			1,014			1,397			1,823			2,286			2,783			3,307			3,821			4,301			4,750		5,168		5,559		5,924
Tax Reserve before unamort DAC		—			6,253			16,562			27,232			39,437			53,267			68,818			86,279			105,805			127,628			152,141			166,372			174,317			184,275		194,386		204,734		216,412
Capital (Based on 300% RBC (i=5.70%))		—			197			522			858			1,242			1,678			2,168			2,718			3,333			4,020			4,792			5,241			5,491			5,805		6,123		6,449		6,817
Capital: After-Tax int less change (i=5.70%)		—			(197	)		(317	)		(317	)		(353	)		(390	)		(428	)		(470	)		(514	)		(564	)		(623	)		(271	)		(56	)		(110	)	(103	)	(99	)	(129	)
PV’s -- Primerica Retained Asset Account								9.00	%		11.00	%		13.00	%		15.00	%		20.00	%
PV PRE-TAX BOOK PROFIT								44,912			33,643			25,846			20,310			12,078
PV FEDERAL INCOME TAX								(15,719	)		(11,775	)		(9,046	)		(7,108	)		(4,227	)
PV Capital. After-Tax int less change (i=5.70%) less Init Cap								(2,010	)		(2,048	)		(1,979	)		(1,864	)		(1,545	)
PV After-Tax, After Cost of Capital								27,183			19,819			14,821			11,337			6,306

C-17

Milliman

017CIG01\15\0906	Puck(Rev) @06/30/09 - Baseline: Inforce External Res Financing@0.0% (Preliminary)																																	10/21/09
From PUCK0906B.XLS	Line of Business Projection																																	06:01 PM
Baseline Production
Future Business - 10 Years of New Business (000)	2026			2027			2028			2029			2030			2031			2032		2033		2034		2035			2036			2037			2038			2039
Primerica Retained Asset Account
GROSS PREMIUMS		—			—			—			—			—			—			—		—		—		—			—			—			—			—
REINSURANCE PREMIUMS (NET OF ALLOWANCES)		—			—			—			—			—			—			—		—		—		—			—			—			—			—
GROSS INVESTMENT INCOME PLUS FEE INCOME		12,545			13,235			13,942			14,656			15,302			15,796			16,160		16,421		16,566		16,536			16,328			16,004			15,553			14,775
ACCRUAL OF DISCOUNT		—			—			—			—			—			—			—		—		—		—			—			—			—			—
AMORTIZATION OF IMR		—			—			—			—			—			—			—		—		—		—			—			—			—			—
LESS INVESTMENT EXPENSE		—			—			—			—			—			—			—		—		—		—			—			—			—			—
LESS INCOME LOST ON DEFAULTS		—			—			—			—			—			—			—		—		—		—			—			—			—			—
TOTAL INCOME		12,545			13,235			13,942			14,656			15,302			15,796			16,160		16,421		16,566		16,536			16,328			16,004			15,553			14,775
NET SURRENDERS		(7,348	)		(7,350	)		(7,391	)		(7,073	)		(4,423	)		(1,210	)		602		2,751		4,900		9,039			11,205			13,041			15,395			24,266
HEALTH BENEFITS		—			—			—			—			—			—			—		—		—		—			—			—			—			—
DIRECT DEATH BENEFITS		—			—			—			—			—			—			—		—		—		—			—			—			—			—
REINSURANCE DEATH BENEFITS		—			—			—			—			—			—			—		—		—		—			—			—			—			—
ACQUISITION EXPENSES		—			—			—			—			—			—			—		—		—		—			—			—			—			—
OTHER EXPENSES		—			—			—			—			—			—			—		—		—		—			—			—			—			—
NET COMMISSIONS		—			—			—			—			—			—			—		—		—		—			—			—			—			—
COST OF FINANCING		—			—			—			—			—			—			—		—		—		—			—			—			—			—
INCREASE IN LOADING		—			—			—			—			—			—			—		—		—		—			—			—			—			—
INCREASE IN RESERVES		12,109			12,378			12,691			12,652			10,281			7,293			5,642		3,617		1,548		(2,558	)		(4,780	)		(6,720	)		(9,222	)		(18,296	)
INCR IN RESERVE FINANCING LIABILITY		—			—			—			—			—			—			—		—		—		—			—			—			—			—
TOTAL DISBURSEMENTS		4,761			5,027			5,300			5,579			5,857			6,083			6,244		6,368		6,448		6,482			6,425			6,320			6,172			5,970
STATUTORY GAIN		7,784			8,208			8,642			9,077			9,445			9,713			9,916		10,053		10,118		10,054			9,903			9,683			9,381			8,805
CAPITAL GAINS		—			—			—			—			—			—			—		—		—		—			—			—			—			—
GAIN ON CALLS AND ROLLOVER		—			—			—			—			—			—			—		—		—		—			—			—			—			—
LESS DEFAULT LOSSES		—			—			—			—			—			—			—		—		—		—			—			—			—			—
LESS IMR CAPITALIZATION		—			—			—			—			—			—			—		—		—		—			—			—			—			—
BOOK PROFIT		7,784			8,208			8,642			9,077			9,445			9,713			9,916		10,053		10,118		10,054			9,903			9,683			9,381			8,805
INCREASE IN SURPLUS		—			—			—			—			—			—			—		—		—		—			—			—			—			—
FEDERAL INCOME TAX		2,724			2,873			3,025			3,177			3,306			3,399			3,471		3,518		3,541		3,519			3,466			3,389			3,283			3,082
PROFITS RELEASED		5,059			5,335			5,617			5,900			6,139			6,313			6,446		6,534		6,577		6,535			6,437			6,294			6,098			5,724
STATUTORY RESERVE (GA) (Canada=GAAP)		228,521			240,899			253,589			266,241			276,522			283,815			289,457		293,074		294,622		292,064			287,285			280,564			271,342			253,046
RESERVE FINANCING		—			—			—			—			—			—			—		—		—		—			—			—			—			—
TOTAL LIABILITY (GA)		228,521			240,899			253,589			266,241			276,522			283,815			289,457		293,074		294,622		292,064			287,285			280,564			271,342			253,046
SEPARATE ACCOUNT LIABILITY		—			—			—			—			—			—			—		—		—		—			—			—			—			—
TAX RESERVE (GA)		228,521			240,899			253,589			266,241			276,522			283,815			289,457		293,074		294,622		292,064			287,285			280,564			271,342			253,046
INTEREST MAINTENANCE RESERVE		—			—			—			—			—			—			—		—		—		—			—			—			—			—
POLICIES IN FORCE (UNSCALED)		—			—			—			—			—			—			—		—		—		—			—			—			—			—
INSURANCE IN FORCE (NET)		—			—			—			—			—			—			—		—		—		—			—			—			—			—
CASH VALUE IN FORCE		—			—			—			—			—			—			—		—		—		—			—			—			—			—
ECONOMIC RESERVE (Canada=GAAP)		—			—			—			—			—			—			—		—		—		—			—			—			—			—
EXCESS RESERVE (STAT LESS ECON)		—			—			—			—			—			—			—		—		—		—			—			—			—			—
EXCESS RESERVE (STAT less ECON Floored at Zero)		—			—			—			—			—			—			—		—		—		—			—			—			—			—
GROSS DEFERRED PREMIUMS		—			—			—			—			—			—			—		—		—		—			—			—			—			—
NET DEFERRED PREMIUMS		—			—			—			—			—			—			—		—		—		—			—			—			—			—
PV AT 9.00% PROFITS RELEASED		16,905			18,036			19,129			20,182			21,187			22,135			23,023		23,849		24,611		25,307			25,935			26,499			27,000			27,431
PV AT 11.00% PROFITS RELEASED		13,963			14,778			15,552			16,283			16,969			17,605			18,189		18,723		19,207		19,641			20,025			20,364			20,660			20,910
PV AT 13.00% PROFITS RELEASED		11,635			12,226			12,777			13,289			13,761			14,190			14,577		14,925		15,235		15,507			15,745			15,950			16,126			16,273
PV AT 9.00% BOOK PROFITS		26,008			27,748			29,429			31,049			32,595			34,053			35,420		36,690		37,864		38,933			39,900			40,767			41,538			42,202
PV AT 11.00% BOOK PROFITS		21,481			22,736			23,925			25,051			26,107			27,084			27,984		28,805		29,550		30,217			30,808			31,329			31,784			32,169
PV AT 13.00% BOOK PROFITS		17,900			18,810			19,657			20,445			21,170			21,830			22,427		22,962		23,438		23,857			24,223			24,539			24,810			25,035
PV AT 9.00% FEDERAL INCOME TAX		9,103			9,712			10,300			10,867			11,408			11,919			12,397		12,842		13,252		13,627			13,965			14,269			14,538			14,771
PV AT 11.00% FEDERAL INCOME TAX		7,518			7,957			8,374			8,768			9,137			9,480			9,794		10,082		10,342		10,576			10,783			10,965			11,125			11,259
PVAT 13.00% FEDERAL INCOME TAX		6,265			6,583			6,880			7,156			7,410			7,641			7,849		8,037		8,203		8,350			8,478			8,589			8,683			8,762
Tax Reserve before unamort DAC		228,521			240,899			253,589			266,241			276,522			283,815			289,457		293,074		294,622		292,064			287,285			280,564			271,342			253,046
Capital (Based on 300% RBC (i=5.70%))		7,198			7,588			7,988			8,387			8,710			8,940			9,118		9,232		9,281		9,200			9,049			8,838			8,547			7,971
Capital: After-Tax int less change (i=5.70%)		(129	)		(123	)		(119	)		(103	)		(13	)		93			154		224		293		424			491			547			618			893
PV's -- Primerica Retained Asset Account
PV PRE-TAX BOOK PROFIT
PV FEDERAL INCOME TAX
PV Capital: After-Tax int less change (i=5.70%) less Init Cap
PV After-Tax. After Cost of Capital

C-18

Milliman

017CIG0l\l5\0906	Puck(Rev) @06/30/09 - Baseline: Inforce External Res Financing@0.0% (Preliminary)																																				10/21/09
From PUCK0906B.XLS	Line of Business Projection																																				06:01 PM
Baseline Production
Future Business - 10 Years of New Business (000)	2026			2027			2028			2029			2030			2031			2032			2033			2034			2035			2036			2037			2038			2039
Total Future Business - Primerica
GROSS PREMIUMS		1,017,198			982,764			949,930			917,468			890,771			863,379			834,589			804,652			774,171			742,595			711,985			681,930			652,409			621,074
REINSURANCE PREMIUMS (NET OF ALLOWANCES)		(532,493	)		(557,392	)		(582,778	)		(607,560	)		(602,256	)		(592,554	)		(577,867	)		(556,565	)		(528,867	)		(500,207	)		(464,868	)		(422,051	)		(370,855	)		(298,853	)
GROSS INVESTMENT INCOME PLUS FEE INCOME		198,766			194,493			185,882			172,723			155,308			136,441			116,628			96,399			76,291			56,968			39,059			24,127			13,273			8,204
ACCRUAL OF DISCOUNT		—			—			—			—			—			—			—			—			—			—			—			—			—			—
AMORTIZATION OF IMR		—			—			—			—			—			—			—			—			—			—			—			—			—			—
LESS INVESTMENT EXPENSE		—			—			—			—			—			—			—			—			—			—			—			—			—			—
LESS INCOME LOST ON DEFAULTS		—			—			—			—			—			—			—			—			—			—			—			—			—			—
TOTAL INCOME		683,471			619,865			553,034			482,630			443,822			407,266			373,350			344,486			321,595			299,356			286,176			284,006			294,827			330,426
NET SURRENDERS		10,763			10,148			9,523			9,263			11,437			14,163			15,462			17,078			18,684			22,261			23,882			25,182			27,011			36,601
HEALTH BENEFITS		—			—			—			—			—			—			—			—			—			—			—			—			—			—
DIRECT DEATH BENEFITS		549,274			578,832			609,340			639,938			664,491			681,864			695,257			703,774			707,345			700,712			688,735			672,098			649,452			603,379
REINSURANCE DEATH BENEFITS		(451,225	)		(467,812	)		(484,840	)		(501,571	)		(499,606	)		(490,885	)		(478,475	)		(461,441	)		(439,534	)		(414,181	)		(386,233	)		(352,228	)		(311,442	)		(261,694	)
ACQUISITION EXPENSES		—			—			—			—			—			—			—			—			—			—			—			—			—			—
OTHER EXPENSES		72,043			69,929			68,002			66,174			64,352			62,324			60,171			57,874			55,445			53,062			50,786			48,420			45,942			43,197
NET COMMISSIONS		9,569			7,381			5,100			2,634			—			—			—			—			—			—			—			—			—			—
COST OF FINANCING		—			—			—			—			—			—			—			—			—			—			—			—			—			—
INCREASE IN LOADING		—			—			—			—			—			—			—			—			—			—			—			—			—			—
INCREASE IN RESERVES		(41,261	)		(117,634	)		(197,593	)		(282,707	)		(308,762	)		(328,067	)		(338,146	)		(339,055	)		(327,575	)		(308,905	)		(260,191	)		(192,520	)		(103,992	)		19,036
INCR IN RESERVE FINANCING LIABILITY		—			—			—			—			—			—			—			—			—			—			—			—			—			—
TOTAL DISBURSEMENTS		149,163			80,843			9,531			(66,269	)		(68,088	)		(60,601	)		(45,731	)		(21,769	)		14,365			52,950			116,978			200,953			306,972			440,519
STATUTORY GAIN		534,307			539,021			543,503			548,900			511,910			467,867			419,081			366,255			307,230			246,405			169,198			83,054			(12,145	)		(110,093	)
CAPITAL GAINS		—			—			—			—			—			—			—			—			—			—			—			—			—			—
GAIN ON CALLS AND ROLLOVER		—			—			—			—			—			—			—			—			—			—			—			—			—			—
LESS DEFAULT LOSSES		—			—			—			—			—			—			—			—			—			—			—			—			—			—
LESS IMR CAPITALIZATION		—			—			—			—			—			—			—			—			—			—			—			—			—			—
BOOK PROFIT		534,307			539,021			543,503			548,900			511,910			467,867			419,081			366,255			307,230			246,405			169,198			83,054			(12,145	)		(110,093	)
INCREASE IN SURPLUS		—			—			—			—			—			—			—			—			—			—			—			—			—			—
FEDERAL INCOME TAX		180,445			181,323			182,377			184,077			172,259			157,631			141,074			122,987			102,676			81,596			54,901			25,128			(7,753	)		(39,518	)
PROFITS RELEASED		353,862			357,698			361,126			364,823			339,652			310,236			278,006			243,268			204,553			164,810			114,297			57,925			(4,392	)		(70,575	)
STATUTORY RESERVE (GA) (Canada=GAAP)		3,298,713			3,181,079			2,983,486			2,700,780			2,392,017			2,063,950			1,725,804			1,386,750			1,059,175			750,270			490,079			297,559			193,567			212,603
RESERVE FINANCING		—			—			—			—			—			—			—			—			—			—			—			—			—			—
TOTAL LIABILITY (GA)		3,298,713			3,181,079			2,983,486			2,700,780			2,392,017			2,063,950			1,725,804			1,386,750			1,059,175			750,270			490,079			297,559			193,567			212,603
SEPARATE ACCOUNT LIABILITY		—			—			—			—			—			—			—			—			—			—			—			—			—			—
TAX RESERVE (GA)		2,850,281			2,753,602			2,578,436			2,318,694			2,029,674			1,719,101			1,396,967			1,072,775			759,069			463,439			215,586			34,325			(59,660	)		(37,809	)
INTEREST MAINTENANCE RESERVE		—			—			—			—			—			—			—			—			—			—			—			—			—			—
POLICIES IN FORCE (UNSCALED)		866,154			818,273			774,374			733,053			691,844			651,026			610,141			568,931			527,312			491,149			455,183			418,967			382,247			325,504
INSURANCE IN FORCE (NET)		52,878,891			51,737,194			50,738,940			49,842,996			49,253,923			48,585,599			47,788,710			46,920,603			46,032,503			44,320,455			42,781,710			41,287,209			39,832,045			36,813,806
CASH VALUE IN FORCE		24,960			23,438			22,004			20,616			20,229			19,862			19,516			19,167			18,823			19,009			19,350			19,841			20,450			19,672
ECONOMIC RESERVE (Canada=GAAP)		1,318,759			1,489,742			1,607,210			1,668,825			1,698,435			1,695,460			1,662,308			1,602,721			1,519,988			1,418,842			1,308,112			1,193,845			1,083,120			985,562
EXCESS RESERVE (STAT LESS ECON)		1,751,433			1,450,438			1,122,687			765,714			417,060			84,675			(225,960	)		(509,045	)		(755,435	)		(960,636	)		(1,105,317	)		(1,176,850	)		(1,160,894	)		(1,026,004	)
EXCESS RESERVE (STAT less ECON Floored at Zero)		1,695,517			1,421,530			1,110,281			759,304			410,180			77,290			(233,888	)		(517,555	)		(761,428	)		(967,109	)		(1,112,308	)		(1,184,400	)		(1,176,626	)		(1,034,113	)
GROSS DEFERRED PREMIUMS		—			—			—			—			—			—			—			—			—			—			—			—			—			—
NET DEFERRED PREMIUMS		—			—			—			—			—			—			—			—			—			—			—			—			—			—
PV AT 9.00% PROFITS RELEASED		167,906			243,736			313,971			379,066			434,667			481,259			519,563			550,313			574,035			591,569			602,725			607,913			607,552			602,232
PV AT 11.00% PROFITS RELEASED		40,781			95,446			145,165			190,415			228,368			259,599			284,813			304,689			319,746			330,675			337,503			340,621			340,408			337,325
PV AT 13.00% PROFITS RELEASED		(51,839	)		(12,202	)		23,212			54,872			80,956			102,041			118,762			131,710			141,345			148,214			152,430			154,321			154,195			152,390
PV AT 9.00% BOOK PROFITS		424,596			538,866			644,571			742,512			826,311			896,576			954,317			1,000,614			1,036,242			1,062,458			1,078,973			1,086,410			1,085,413			1,077,115
PV AT 11.00% BOOK PROFITS		216,201			298,576			373,404			441,486			498,688			545,788			583,795			613,720			636,335			652,675			662,783			667,253			666,664			661,855
PV AT 13.00% BOOK PROFITS		62,155			121,885			175,184			222,818			262,132			293,930			319,135			338,629			353,101			363,371			369,613			372,324			371,973			369,159
PV AT 9.00% FEDERAL INCOME TAX		256,691			295,130			330,600			363,445			391,644			415,317			434,755			450,301			462,208			470,889			476,248			478,498			477,861			474,883
PV AT 11.00% FEDERAL INCOME TAX		175,420			203,130			228,239			251,071			270,320			286,188			298,982			309,031			316,589			322,000			325,280			326,632			326,256			324,530
PV AT 13.00% FEDERAL INCOME TAX		113,995			134,087			151,972			167,947			181,176			191,889			200,374			206,920			211,756			215,157			217,182			218,003			217,779			216,768
Tax Reserve before unamort DAC		3,268,181			3,153,519			2,959,049			2,680,267			2,374,636			2,049,373			1,713,923			1,377,493			1,052,420			745,818			487,618			296,622			193,509			207,406
Capital (Based on 300% RBC (i=5.70%))		227,700			220,654			211,467			199,857			188,189			175,792			162,842			149,704			136,852			123,456			111,806			102,289			95,528			90,398
Capitol: After-Tax int leas change (i=5.70%)		13,725			15,483			17,362			19,445			19,073			19,370			19,463			19,172			18,398			18,467			16,224			13,659			10,551			8,670
PV's -- Total Future Business - Primerica
PV PRE-TAX BOOK PROFIT
PV FEDERAL INCOME TAX
PV Capital: After-Tax int less change (i=5.70%) less Init Cap
PV After-Tax, After Cost of Capital

C-19

Milliman

017CIG01\15\0906	Puck(Rev) @06/30/09 - Baseline: Inforce External Res Financing@0.0% (Preliminary)																														10/21/09
From PUCK0906B.XLS	Line of Business Projection																														06:01 PM
Baseline Production
Future Business - 10 Years of New Business (000)	2009			2010			2011			2012			2013			2014			2015			2016			2017			2018			2019			2020			2021			2022			2023			2024			2025
Total Future Business - Primerica
GROSS PREMIUMS		—			89,928			232,449			365,360			496,185			628,194			764,465			907,182			1,057,588			1,216,992			1,386,900			1,383,273			1,279,569			1,204,818			1,145,361			1,095,640			1,054,119
REINSURANCE PREMIUMS (NET OF ALLOWANCE:		—			(12,833	)		(33,639	)		(58,686	)		(87,461	)		(120,182	)		(156,975	)		(198,470	)		(245,011	)		(297,368	)		(356,622	)		(390,051	)		(413,992	)		(436,750	)		(460,565	)		(485,309	)		(508,567	)
GROSS INVESTMENT INCOME PLUS FEE INCOME		—			(5,323	)		(3,018	)		1,997			9,686			19,939			32,491			47,312			64,302			83,307			104,187			138,009			158,279			174,660			186,937			194,997			198,842
ACCRUAL OF DISCOUNT		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
AMORTIZATION OF IMR		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
LESS INVESTMENT EXPENSE		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
LESS INCOME LOST ON DEFAULTS		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
TOTAL INCOME		—			71,773			195,792			308,672			418,410			527,952			639,981			756,024			876,879			1,002,931			1,134,465			1,131,231			1,023,857			942,727			871,733			805,328			744,394
NET SURRENDERS		—			(4,652	)		(6,033	)		(3,800	)		(2,771	)		(1,778	)		(767	)		205			1,203			2,173			2,989			13,745			18,498			15,329			14,335			13,437			11,594
HEALTH BENEFITS		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
DIRECT DEATH BENEFITS		—			15,777			41,650			68,111			98,212			132,184			170,233			212,807			260,267			313,188			372,516			405,658			423,028			445,834			469,131			493,074			520,544
REINSURANCE DEATH BENEFITS		—			(12,244	)		(33,130	)		(55,639	)		(81,686	)		(111,280	)		(144,548	)		(181,846	)		(223,507	)		(270,042	)		(322,279	)		(351,872	)		(366,496	)		(383,948	)		(401,057	)		(418,287	)		(435,210	)
ACQUISITION EXPENSES		—			55,379			59,255			63,403			67,842			72,590			78,398			84,670			91,443			98,759			106,659			—			—			—			—			—			—
OTHER EXPENSES		—			6,089			15,916			25,036			34,027			43,138			52,576			62,491			72,969			84,098			95,983			95,961			88,814			83,894			80,117			77,045			74,410
NET COMMISSIONS		—			203,504			242,958			262,178			282,306			303,562			329,022			356,750			386,640			418,885			453,713			68,013			20,956			17,981			15,696			13,826			11,722
COST OF FINANCING		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
INCREASE IN LOADING		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
INCREASE IN RESERVES		—			7,950			53,399			103,184			150,485			193,705			234,502			273,095			308,931			342,245			372,856			396,085			333,279			256,595			179,064			101,844			32,755
INCR IN RESERVE FINANCING LIABILITY		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
TOTAL DISBURSEMENTS		—			271,802			374,015			462,474			548,413			632,122			719,416			808,171			897,946			989,306			1,082,437			627,591			518,079			435,685			357,286			280,938			215,815
STATUTORY GAIN		—			(200,029	)		(178,222	)		(153,803	)		(130,003	)		(104,170	)		(79,435	)		(52,147	)		(21,067	)		13,625			52,028			503,640			505,778			507,042			514,447			524,389			528,579
CAPITAL GAINS		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
GAIN ON CALLS AND ROLLOVER		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
LESS DEFAULT LOSSES		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
LESS IMR CAPITALIZATION		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
BOOK PROFIT		—			(200,029	)		(178,222	)		(153,803	)		(130,003	)		(104,170	)		(79,435	)		(52,147	)		(21,067	)		13,625			52,028			503,640			505,778			507,042			514,447			524,389			528,579
INCREASE IN SURPLUS		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
FEDERAL INCOME TAX		—			(55,948	)		(45,758	)		(37,289	)		(28,526	)		(18,708	)		(8,599	)		2,532			14,966			28,614			43,493			173,643			170,240			172,150			175,297			178,752			179,382
PROFITS RELEASED		—			(144,081	)		(132,465	)		(116,514	)		(101,477	)		(85,462	)		(70,836	)		(54,679	)		(36,033	)		(14,989	)		8,535			329,997			335,538			334,892			339,149			345,637			349,197
STATUTORY RESERVE (GA) (Canada=GAAP)		—			7,950			61,349			164,533			315,018			508,723			743,225			1,016,319			1,325,251			1,667,496			2,040,352			2,436,437			2,769,716			3,026,311			3,205,375			3,307,219			3,339,974
RESERVE FINANCING		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
TOTAL LIABILITY (GA)		—			7,950			61,349			164,533			315,018			508,723			743,225			1,016,319			1,325,251			1,667,496			2,040,352			2,436,437			2,769,716			3,026,311			3,205,375			3,307,219			3,339,974
SEPARATE ACCOUNT LIABILITY		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
TAX RESERVE (GA)		—			(32,228	)		(26,316	)		29,606			131,590			274,578			454,214			667,928			913,033			1,187,148			1,487,766			1,891,368			2,244,025			2,515,804			2,708,465			2,823,978			2,872,793
INTEREST MAINTENANCE RESERVE		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
POLICIES IN FORCE (UNSCALED)		—			176,502			325,856			466,403			604,195			742,393			884,955			1,033,160			1,188,303			1,351,747			1,524,960			1,337,927			1,215,630			1,121,626			1,044,601			979,013			919,285
INSURANCE IN FORCE (NET)		—			7,875,822			14,810,402			21,495,369			28,156,663			34,920,372			41,967,737			49,354,757			57,136,816			65,379,333			74,149,576			67,647,445			63,447,349			60,273,708			57,759,208		55,688,557				54,190,389
CASH VALUE IN FORCE		—			2,122			6,058			9,816			13,515			17,232			21,034			24,984			29,116			33,461			38,062			38,384			35,136			32,497			30,274			28,332			26,591
ECONOMIC RESERVE (Canada=GAAP)		—			(281,506	)		(531,711	)		(739,215	)		(909,981	)		(1,048,685	)		(1,162,659	)		(1,254,918	)		(1,327,629	)		(1,382,654	)		(1,421,961	)		(857,313	)		(337,777	)		110,002			494,479			821,306			1,095,873
EXCESS RESERVE (STAT LESS ECON)		—			283,203			576,498			876,516			1,185,562			1,504,141			1,837,066			2,184,958			2,547,075			2,922,522			3,310,172			3,127,378			2,933,176			2,732,035			2,516,510			2,281,178			2,027,688
EXCESS RESERVE (STAT less ECON Floored at Zero)		—			1,697			44,786			137,301			275,581			455,456			672,030			907,961			1,155,762			1,412,639			1,675,104			1,947,666			2,138,890			2,228,580			2,220,417			2,115,876			1,930,827
GROSS DEFERRED PREMIUMS		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
NET DEFERRED PREMIUMS		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
PV AT 9.00% PROFITS RELEASED		—			(132,185	)		(243,678	)		(333,648	)		(405,536	)		(461,081	)		(503,318	)		(533,229	)		(551,313	)		(558,214	)		(554,609	)		(426,724	)		(307,429	)		(198,194	)		(96,705	)		(1,814	)		86,138
PV AT 11.00% PROFITS RELEASED		—			(129,803	)		(237,314	)		(322,508	)		(389,354	)		(440,072	)		(477,943	)		(504,280	)		(519,915	)		(525,775	)		(522,769	)		(418,067	)		(322,156	)		(235,917	)		(157,236	)		(84,996	)		(19,245	)
PV AT 13.00% PROFITS RELEASED		—			(127,505	)		(231,245	)		(311,995	)		(374,232	)		(420,618	)		(454,641	)		(477,883	)		(491,437	)		(496,427	)		(493,913	)		(407,883	)		(330,473	)		(262,100	)		(200,823	)		(145,559	)		(96,149	)
PV AT 9.00% BOOK PROFITS		9.0	%		(183,513	)		(333,519	)		(452,283	)		(544,380	)		(612,084	)		(659,448	)		(687,975	)		(698,547	)		(692,274	)		(670,297	)		(475,120	)		(295,298	)		(129,912	)		24,035			167,999			301,132
PV AT 11.00% BOOK PROFITS		11.0	%		(180,206	)		(324,856	)		(437,315	)		(522,952	)		(584,772	)		(627,241	)		(652,358	)		(661,500	)		(656,173	)		(637,850	)		(478,053	)		(333,481	)		(202,911	)		(83,562	)		26,038			125,565
PV AT 13.00% BOOK PROFITS		13.0	%		(177,017	)		(316,591	)		(423,184	)		(502,917	)		(559,457	)		(597,611	)		(619,777	)		(627,701	)		(623,166	)		(607,839	)		(476,541	)		(359,855	)		(256,335	)		(163,386	)		(79,541	)		(4,750	)
PV AT 9.00% FEDERAL INCOME TAX		9.0	%		(51,328	)		(89,842	)		(118,635	)		(138,844	)		(151,003	)		(156,131	)		(154,746	)		(147,235	)		(134,060	)		(115,688	)		(48,396	)		12,131			68,282			120,739			169,814			214,995
PV AT 11.00% FEDERAL INCOME TAX		11.0	%		(50,404	)		(87,541	)		(114,807	)		(133,598	)		(144,700	)		(149,298	)		(148,078	)		(141,584	)		(130,398	)		(115,081	)		(59,987	)		(11,325	)		33,006			73,674			111,034			144,810
PV AT 13.00% FEDERAL INCOME TAX		13.0	%		(49,511	)		(85,346	)		(111,189	)		(128,685	)		(138,839	)		(142,969	)		(141,893	)		(136,264	)		(126,738	)		(113,926	)		(68,658	)		(29,382	)		5,765			37,437			66,018			91,400
Tax Reserve before unamort DAC		—			(25,692	)		(3,502	)		76,449			209,043			388,292			609,131			868,390			1,162,828			1,489,533			1,845,497			2,293,827			2,673,824			2,959,889			3,156,408			3,267,503			3,305,759
Capital (Based on 300% RBC (i=5.70%))		—			15,568			34,484			54,016			74,824			97,142			121,309			147,460			175,657			205,983			238,534			242,120			240,694			239,982			238,674			236,174			232,801
Capital: After-Tax int less change (i=5.70%)					(15,568	)		(18,340	)		(18,254	)		(18,808	)		(19,546	)		(20,568	)		(21,657	)		(22,733	)		(23,819	)		(24,919	)		5,252			10,396			9,630			10,199			11,342			12,124
PV's -- Total Future Business - Primerica								9.00	%		11.00	%		13.00	%		15.00	%		20.00	%
PV PRE-TAX BOOK PROFIT								1,040,410			641,974			358,257			155,628			(133,118	)
PV FEDERAL INCOME TAX								(461,892	)		(317,480	)		(212,895	)		(136,700	)		(23,480	)
PV Capital: After-Tax int less change (i=5.70%) less Init Cap								(70,383	)		(76,432	)		(78,107	)		(77,306	)		(70,687	)
PV After-Tax, After Cost of Capital								508,135			248,062			67,255			(58,377	)		(227,285	)

C-20

Milliman